Divorce is rarely simple—there are financial and emotional considerations and impacts that can be far-reaching. For couples that accumulated substantial wealth during the marriage, the stakes and complexity of divorce are often even higher. In New York, a high-net-worth divorce has traditionally been considered one where the assets exceed one million dollars. Depending on the family and occupational backgrounds of the spouses, these cases can involve several million or even billions of dollars. When there is that much money on the line, it is critical to have an attorney in your corner who has experience with high-asset divorces.
The divorce attorneys at The Colwell Law Group, LLC, are seasoned professionals who are not intimidated by high-stakes cases and are prepared to offer legal support commensurate with the seriousness of the proceedings. Call today to schedule a complimentary consultation with a Rochester high-asset divorce lawyer.
Under state law, the property of the divorcing couple is classified as either “separate property” (property that the spouses entered into the marriage with) or “marital property” (property that was obtained during the marriage by either or both spouses). This includes tangible property—such as real estate holdings and automobiles—and intangible property—such as bank accounts and investment funds. If the parties cannot agree on how marital property will be allocated and distributed in the divorce, a divorce Court must determine an equitable distribution. This does not have to mean an equal split. Rather, the divorce Court judge will consider various factors outlined in New York Domestic Relations Law § 236 Part B(5)(d) including, but not limited to:
In addition to the specific factors established by the statue, a New York divorce Court may also consider any other factor it considers relevant and fair when determining the equitable distribution of marital property. A qualified Rochester high-asset divorce attorney can help a person understand all the factors a divorce Court will consider when deciding how to divide the marital property most equitably.
Too often, the distinction between marital property and separate property is not clear. In such cases, if the divorcing spouses cannot agree on what is or is not subject to distribution in the divorce case, the judge will have to analyze the assets and determine what is, in fact, marital property. If what was once separate property has become too mixed or commingled with marital property to be separated, a Court may find that the separate property has become marital property and shall include it as part of the marital estate. For this reason, it is important to work with a high-net-worth divorce lawyer in Rochester who is familiar with such issues and can help protect and preserve a person’s property rights.
While the divorcing spouses are free to agree upon the value of the marital property that will be split, disagreements often arise, resulting in disputes that must be settled in Court. In such cases, depending on the particular asset(s) at issue, valuation can be time-consuming and expensive—such as with business interests, art, and other collectibles. In high-net-worth divorces, it is not uncommon for the spouses to hire competing expert witnesses to value specific assets. This can increase the length of the case and drive up legal costs. A skilled high-stakes divorce attorney in Rochester will understand how to navigate complex valuation challenges and present the best arguments to the Court for a favorable valuation and distribution.
Divorce, especially one involving a large marital estate, can be complex. Given the potential complexity as well as what both spouses have at stake, it is critical to have the right legal support. A Rochester high-asset divorce lawyer at The Colwell Law Group, LLC, is ready to provide the strategic guidance and support necessary for your divorce case. Contact us today for a complimentary consultation.
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