We try to help out clients understand what is involved in a High Net Worth Divorce, and our clients always go into the courtroom knowing what to expect. Although we diligently and zealously represent our clients in litigation, we try to simplify and address all of the high net worth divorce issues early on and work to resolve the divorce efficiently. This reduces the emotional stress on our clients during the divorce and reduces the litigation costs.
Discovery of Assets
Sometimes a spouse claims the other spouse is hiding assets in a regular divorce. The number of such claims in High Net Worth Divorces is more frequent because there are more assets to hide and it may be more difficult to account for them all. Occasionally, the hiding of assets is just a misperception, but sometimes one of the spouses does try to hide assets in contemplation of the divorce. In order to equitably divide the marital assets, it is necessary to find and identify them. Skilled lawyers have a number of discovery tools at their disposal to identify such hidden assets, so that they can be included in the Equitable Distribution of marital assets.
At the Law Offices of Leo Mikityanskiy, we understand that a High Net Worth Divorce deeply affects our clients financially and personally, and we will take every reasonable step to protect our clients’ rights and financial interests.
Considerations in High Net Worth Divorces.
Just like regular divorces, High Net Worth Divorces usually include the issues of:
- Child Custody and Visitation and Child Support; it should be noted that the New York Child Support Standards Act (CSSA) permits, but does not require, the use of the same child support percentages in calculating the child support obligation where the total income of both parents is greater than $143,000 in 2017.
- Spousal Support or Alimony, which may be affected by the higher income of the high-asset spouse.
- Payment of attorneys’ fees by the spouse with more assets or income.
- Prenuptial and postnuptial agreements signed by the parties.
- Grounds for divorce, including irretrievable breakdown in the relationship, cruel and inhuman treatment, abandonment, adultery, or living separate and apart for one or more years pursuant to a written agreement of separation.
However, one area where the High Net Worth Divorce will be very different is the Equitable Distribution of the marital assets and debts, and that will depend on what property may be considered separate. Whether or not the property may be considered separate will depend on any prenuptial and postnuptial agreements between the parties, whether the property was acquired before the marriage, and possibly the treatment of the property by the spouses during the marriage.
At the Law Offices of Leo Mikityanskiy, we have broad experience with the division of marital property and debts, including:
- Real estate: home, vacation property, rental and investment property.
- Bank accounts: checking, savings, money market and CDs.
- Investments: stocks, bonds, mutual funds, and stock options.
- Pension plans, 401(k), 403(b), IRAs, and other retirement accounts.
- Business interests: closely-held businesses, business assets, and partnerships, including valuation of businesses.
- Debts: single-spouse debts, joint debts, and business debts; in the equitable allocation of debts, it is often important who incurred the debt, when, how, for what purpose, and with or without the other spouse’s knowledge or consent.
- Dissipation of assets, especially in contemplation of divorce.
- Trusts and offshore or foreign assets.
- Collectibles: antiques, art, and jewelry.
- Vehicles: cars, motorcycles, boats, and airplanes.
- Intellectual property: patents, trademarks, and copyrights.
If the divorcing couple is involved in a family or closely held business, it is essential that the business be completely appraised in order to be fairly divided between spouses. This can be a large undertaking because all of the business documents, accounts, contracts, and associations must be evaluated. However, if this is not done thoroughly by the attorneys and business valuation experts, both spouses may not receive their fair share of the business.
Brooklyn, NY High Net Worth Divorce Lawyer
In the equitable distribution of a large volume of assets, proper valuation is critical. At the Law Offices of Leo Mikityanskiy, we work with competent experts and appraisers in the fields or real estate, domestic and international businesses, investments and pension plans, accounting and forensic accounting. We also work with experienced private investigators to identify and locate assets and investments in New York State, other states, and abroad. We can effectively represent you in court in any High Net Worth Divorce, and we can skillfully negotiate settlement agreements concerning equitable distribution of property on your behalf.
If you need are looking for an aggressive and experienced Brooklyn High Net Worth Divorce attorney, please contact the New York attorney Leonid Mikityanskiy at our Brooklyn, NY office at (718) 256-3210.
REQUEST A CONSULTATION
Fill out the form below to schedule a confidential initial consultation.