Saratoga Springs High-Asset Divorce Lawyer
Asset preservation is critical in any divorce but particularly vital when the assets are substantial. Protecting your assets while dividing marital property can be especially challenging. A high-asset divorce is often more complicated and can take longer to resolve, which is why a person could benefit from a skilled divorce attorney.
Because time is money, you need an attorney who understands divorce law in New York and the complexities accompanying property distribution. A Saratoga Springs high-asset divorce lawyer could ensure proper identification and valuation of property so that you receive your fair share.
Defining High-Asset Divorce in Saratoga Springs
A high-asset divorce includes valuable property, often comprised of complex or unique holdings, including:
- Real estate partnerships
- Family and closely-held business interests
- Pensions and deferred compensation plans
- Stock options
- Art collections
- Collector vehicles
- Intellectual property rights
It is essential to have the counsel of a local attorney skilled in high-asset divorce proceedings to effectuate the proper disposition of this property.
Defining and Distributing Marital Property
Marital property is property that was acquired during the marriage, but before signing a separation agreement or finalizing the divorce, regardless of whichever spouse’s name appears on the title.
In Saratoga Springs, marital property distribution is intended to be fair but not necessarily equal. There are several factors to consider when assessing fairness, including:
- Each spouse’s property and income at the time of marriage and divorce, and the future financial circumstances of each
- Length of the marriage and the parties’ ages and health
- The needs of a custodial parent to occupy the marital residence and use household property
- The loss of inheritance, pension, and retirement rights upon divorce
- Child or spousal support
- Contributions made to the acquisition of marital property
- Tax consequences to each party
- Improper wasting of assets by either spouse
A court can award less of the marital property to a spouse who wasted matrimonial assets. Likewise, a court may penalize a spouse for selling or transferring property in anticipation of divorce. An attorney in Saratoga Springs familiar with divorce law could identify high assets, determine how best to value them, and advise on how and when to liquidate.
Special Considerations for Dividing High Assets
There are several essential considerations when evaluating and negotiating a high-asset divorce.
Assistance of Experts
Determining the value of unique assets such as artwork, patents, or precious metals may require someone specially trained. It might cost more to consult an expert, but it is well worth it if the assets are substantial. An experienced attorney could connect a party with experts qualified to address the particular complexities of property valuation.
Expert advice may also be beneficial when considering tax consequences resulting from the division or transfer of assets incidental to divorce. Competent counsel could devise property division alternatives to minimize or avoid excessive federal and state taxes.
Impact on Child Support
Because substantial assets may generate higher earnings, a court might calculate child support differently. When parents’ incomes exceed the support cap in New York, the law permits deviation from the traditional child support calculation. Additionally, parties wishing to maintain a certain standard of living for a child after divorce may consider creative means to supplement support and maintain the child’s lifestyle. That could include providing more assets to the custodial parent, or permitting that parent and the child to remain in the marital home. An attorney in Saratoga Springs could analyze the high-asset distribution’s impact on income.
Thinking outside the box and considering nontraditional options may benefit parties with significant assets. For example, if stock options are not transferable or only ‘vest’ under circumstances that might never occur, parties may consider alternative ways to divide that asset.
Work with a Saratoga Springs High-Asset Divorce Attorney
When your marital estate includes unique and significant assets, you need skilled legal counsel to devise strategies that preserve your interests. A Saratoga Springs high asset divorce lawyer could work with experts on accurate asset valuation, consider the tax consequences of property liquidation, and ensure correct child support calculation to meet the child’s needs. Call today for a consultation.