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Going through a divorce is tough emotionally and financially. It can also be tough legally. If you’re a high net worth individual, divorce can also be very risky.
A high net worth individual is defined as someone who has a worth of over $1 million or a salary of $200,000 annually for the past two years. However, if you are one half of a high net worth couple, the income level is $300,000 annually.
With a high net worth divorce, you’re not just dealing with current assets and income. You’re dealing with high income savings plans, future incomes that were deferred during the marriage, prenuptial agreements and, in some cases, large estates or global property holdings. In short, a high net worth divorce is much more complex than the average divorce.
Luckily, there are many highly skilled Manhattan attorneys who can guide you through your high net worth divorce.
Here are a few things Manhattan high net worth divorce lawyers can assist you with:
It’s your attorney’s job to look out for you as their client. But it’s very important that you help your attorney do their best job by being completely honest with your attorney. Your high net worth divorce attorney will get to know your case, familiarize themselves with an issues you have, and anticipate issues that they can foresee based on the information you provide. The best thing you can do is be truthful and let your attorney do their job in protecting you and your assets.
Your experience will vary largely depending on what you want to happen as a result of the divorce, and if you’re a public or well-known figure. If you’re a private citizen, you can expect some serious stress from your divorce. This is normal at any income level; divorce is a serious matter. If you’re a public figure, you can expect a lot of buzz about your divorce. The best thing to do is ignore the noise and focus on keeping everything under wraps with your legal team.
If you have a prenuptial agreement, your assets should be defined. However, if you have no legal agreement, the division of assets will depend on your financial statement. Although it may be tempting to try to hide some assets from your soon-to-be ex-spouse, that is not a recommended course of action. Forensic accountants and attorneys are often very good at sniffing out any hidden assets, and it can bring you more legal trouble if you attempt to conceal the truth. Your best bet is disclosing all of your assets to your attorney, who will guide you on the best legal practices to ensure your assets are properly allocated to you.
High net worth divorce requires an experienced attorney to ensure you are protected and defended to the fullest extent of the law.