Divorce rarely is simple, but when couples own significant assets, the divorce proceedings can become much more challenging. Complex property division during the dissolution of a marriage is likely to require the services of an Albany high-asset divorce lawyer. By retaining an experienced divorce attorney, you may be able to effectuate a more efficient and favorable resolution in your divorce proceedings.
Parties to all divorces, including high-asset divorces, will deal with other issues besides property division. During the divorce other family law issues will need to be resolved. These issues may include child custody, visitation, and support, as well as spousal maintenance. Our knowledgeable family attorneys could assist you in handling all aspects of your divorce case.
One of the most significant issues in a high-asset divorce is the division of property. If there is no prenuptial or postnuptial agreement in place for the division of marital property, New York state law provides for an equitable division of property. Marital property must be split fairly, but an equitable division of property does not always mean an equal division of property.
Property refers to real estate, personal property, bank accounts, and investment accounts. Spouses also may own retirement accounts, pensions, and business interests that are potentially divisible in a divorce. A seasoned high-asset divorce lawyer in Albany could help ensure that all items of property owned by either spouse are adequately accounted for and divided equitably in your divorce.
The law on property division distinguishes between marital property and exempt or separate property. Marital property is any property that either spouse obtained during the marriage, although there are some exceptions. Separate property, however, is any property that a spouse owned before the marriage occurred. It is important to engage an attorney who has experience in dividing assets to make sure the details that determine marital versus separate property are appropriately analyzed.
In high-asset divorces, it may be that one spouse was the primary earner while the other spouse earned less, did not work or stayed home to care for children. In this situation, the spouse who earned less may believe they are at a distinct disadvantage financially. That spouse may believe that they do not have the resources to maintain the lifestyle to which the family has become accustomed. Fortunately, the New York Domestic Relations Law points toward several factors that should be considered when creating spousal maintenance and property division orders.
The Court will consider the disparity in income and earning capacity of the spouses when determining spousal maintenance and property distribution. The Court will also consider the needs of the lower earning spouse and the children following the divorce. If children are involved, financial contributions from the spouse who is the higher earner may be more significant. A skilled high-asset divorce attorney in Albany may be able to assist a spouse in getting essential expenses paid and arriving at a financial arrangement that is equitable under the circumstances.
In a contested high-asset divorce, spouses may not agree on the division of assets. Disputes may arise over the valuation of assets. The involvement of appraisers, accountants, and other professionals may be necessary to place accurate values on assets to be divided in a divorce.
Parties also must disclose all assets, debts, and other financial data through their respective Statements of Net Worth. Unfortunately, some parties attempt to hide assets or withhold them in their Statements of Net Worth, which can lead to additional challenges in dividing up the marital estate. An experienced divorce attorney can help you uncover any potentially hidden, valuable assets.
Legal guidance during a high-asset divorce is likely crucial to a fair and equitable distribution of the marital estate. Gaining access to the financial resources that you need to maintain your lifestyle post-divorce may be more likely with the assistance of an Albany high-asset divorce lawyer. Together, you can work to ensure that all assets are correctly valued and accounted for in your divorce proceedings.
The emotional toll that a divorce may take on spouses and their children is immeasurable. When combined with the financial fall-out that accompanies many divorces, the effects can be devastating. Allowing legal counsel to represent your interests in a high-asset divorce can be critical to a favorable resolution in your case. Call today to get started.
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