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Divorces that involve a lot of marital assets are complicated, and the parties involved hope to get past the process and move on to other important issues of their lives. It is easy to place a value on some assets, but others are not, thereby resulting in serious court hearings that involve the consultation of financial and business experts. Hiring an experienced Long Island high net worth divorce lawyer is essential since the attorney will determine the approach to use that will protect your financial interests.
Practice Area and Their Legal Implications
• Reviewing All of Your Assets
Assets that an attorney should review include:
Life savings accounts-the attorney should be given access to the life savings accounts
Amount of deposits in offshore bank accounts
investments including real estate
Privatized stock options
Degrees or professional licenses that can increase earning
All business owned by the family
value of art, jewelry, and other related assets
You are required by the law to disclose the location of every asset and if possible, like in the bank account, disclose the amount.
• Divorce and Asset Protection
A High Net worth divorce attorney in Long Island is supposed to offer assistance to high-net-worth clients that are involved in complicated and argumentative issues such as the child support, division of property and special support, and any other issue that may arise from a divorce. The attorney is required by law to come up with a divorce settlement that is workable and protect the value of assets and investment of their client.
• Marital Debt
Couples with a high net worth may have accumulated many debts during the marriage as a result of the actions of one of the spouse. A high net worth divorce attorney is supposed to assess the debt incurred to protect you from these liabilities and ensure that your financial future is protected.
• Equitable Distribution of Wealth
In Long Island, marital property is distributed equally which according to the law, “equitable” does not mean “even” but what is fair for both parties. Finding an even split is rare. Many issues must be addressed in a high net worth divorce than in regular one, making the divorce settlement more complicated. The factors include:
Portfolio of assets
high profile possessions
business established during the time of marriage
Professional practices for the divorcing couple
• Working on Issues Related to Legal, Financing, Accounting, and Tax
An attorney in high net worth is required by law to work on all matters about legal, finance, tax and accounting. These issues have a significant role in business, investments such as real estate, benefits plans, and other real and financial property.
• Public Exposure
High net worth divorce can be a problem if one or both parties engage in drama or combat, but hiring an experienced attorney will help in applying the tools and techniques that are available to ensure that there is privacy and minimize uncalled for public attention.
How an Attorney Can Help
An experienced Long Island high net worth divorce lawyer will:
Ensure that your family interests are considered during divorce.
Work out on spousal maintenance amount that a judge will easily approve
Help draft a divorce agreement
You should consider hiring a well-informed Long island high net worth divorce lawyer if you want a divorce from your high net worth marriage who will provide you with guidance and resources needed to resolve your case in the best way.