When divorcing couples have significant wealth, the process can come with certain complications. For the purposes of a divorce, any couple with at least one million dollars in combined assets is one with a high net worth.
Every divorce case has unique factors that may lead to complications, and all parties will have to make decisions about how to split assets and determine custody of any children. However, there will be additional considerations for particularly wealthy couples. If you and your soon-to-be former spouse qualify as a high net worth couple, you will need a Troy high-asset divorce lawyer who may guide you through the process. A seasoned divorce attorney could work to prevent an inequitable share of the marital property from going to one party.
If a couple entered their marriage with a great deal of wealth or the anticipation of accumulating wealth, they might have agreed to enter a pre-nuptial agreement. This can play a significant role in the division of property, as courts will typically uphold the terms of such contracts. Couples that entered post-nuptial agreements will have to abide by those terms in a similar manner.
Sometimes a pre-nuptial agreement is not considered valid, or the parties may dispute the terms or the validity. For instance, if one party failed to disclose their actual wealth or specific assets, the court can decide not to enforce the terms. If a high-net-worth couple did sign such an agreement, they should ensure that their Troy attorneys have a copy of the document.
New York law dictates that courts must divide assets equitably when a couple divorces. Equitable distribution might mean something entirely different to each of the involved spouses. Deciding who will get to keep certain property can become challenging and involve in-depth analysis of the parties’ economic conditions.
Before the court can even begin dividing the assets, it must decide which items and accounts constitute marital property. In general, marital property is that which the parties acquired jointly in the course of their marriage. Sometimes non-marital property can shift and become marital because the owner mingles the asset with the marital estate.
If parties obtained property before they married and kept the property separate after the wedding, those assets might remain that of the owner, and the court will keep them separate from the estate. If one of the parties obtained assets in the form of inheritance or gifts, those assets are also the property of only one person and not the estate. A Troy high-income divorce lawyer may work to advocate for a favorable division of assets.
Spousal maintenance – also known as alimony – is money that one party pays to the other following a divorce. Not every case will involve spousal maintenance. Courts look at many factors when deciding whether to force one person to make such payments.
Courts typically award alimony when the parties were together for many years. If one party stayed home and out of the workforce to care for their child(ren), the courts may consider this a factor. In cases where both parties have significant wealth and earning capacity, this type of payment is not likely.
A court may also look at whether the party requesting support will be capable of caring for themselves or will need to obtain further education before they can find gainful employment. A high-asset divorce attorney may help individuals in Troy understand whether their case is one that will potentially require post-divorce payments.
Divorces will require parties to divide their assets and finances before they can part ways. The process of doing so can be frustrating and may require appraisals and other steps before anyone can determine how to draft an equitable division.
If you are divorcing your spouse, the division of property will be one of the main concerns you must contend with. A Troy high-asset divorce lawyer may work with you to complete that process. Call now for a complimentary consultation.
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