Divorce can be complex and stressful for many reasons. For high-income couples, the stress can be magnified due to the numerous financial issues that come into play. High-asset couples face unique challenges during divorce. Offshore accounts, business interests, real estate portfolios, brokerage accounts, and retirement accounts can make the process difficult, and that is before getting into the potential tax implications. Protecting your wealth during divorce requires a deep understanding of New York’s divorce laws and how they can impact your financial future.
The divorce lawyers at Colwell Law have experience with divorce planning for high-income couples and can give you the skilled legal guidance you need. To learn more, reach out to our legal team and schedule a consultation today.
New York is an equitable division state, meaning that marital property should be divided fairly between divorcing spouses. Under New York Domestic Relations Law § 236, courts will generally consider all assets accumulated from the date of marriage to be marital property unless an exception applies. To complicate matters further, property owned before marriage can transform into marital property if it was commingled or otherwise lost its non-marital status. Knowledgeable divorce attorneys can help you understand how to protect assets during divorce.
Divorce cases typically involve the division of property and issues involving children. Common issues in Albany high asset divorce cases can include:
High-income couples may hold significant amounts of assets that must be divided during divorce. Business ownership, stock options, investments, trusts, inheritances, real estate, and valuable collectibles can often require valuation by experts. Determining which items are marital and which are separate property will further complicate these questions and increase the odds of time-consuming disputes.
In some high-asset relationships, one spouse earns significantly more than the other due to business ownership and other factors. A spouse with lower earnings may seek spousal support, sometimes known as alimony, to maintain their lifestyle and meet financial needs after marriage. Higher-earning spouses will seek support orders that are fair considering all factors involved.
Among busy high-asset couples, a simple 50-50 child custody split can often be impractical. Courts will review a list of factors focusing on the best interest of the children involved. Visitation schedules can be impacted by the schedules of each parent and distance between parents.
High-net-worth divorce cases can also involve disputes over various forms of real estate. In addition to the marital home, high-asset divorces can include:
Some properties might be considered non-marital under state law based on when they were purchased or inherited, and how they were used during marriage. Properties that start off as non-marital could become marital property through commingling of assets and various other reasons.
Concealment of financial information is a frequent concern in high-income divorce cases. Transferring assets through undisclosed accounts, offshore investments, cryptocurrency, business entities, and other methods are ways to minimize a spouse’s potential net worth when it falls under a court’s scrutiny. A high-income divorce attorney in Albany with experience in complex financial issues can fight aggressively to protect your long-term interests.
Divorce planning for high-income couples in New York involves many unique and complex considerations. Equitable distribution in New York divorce cases requires a thorough evaluation of each spouse’s financial standing.
If you have questions about the divorce process for high-asset couples, call a divorce lawyer today to learn more. Our skilled legal team at Colwell Law is here to help. Schedule your consultation today.
At the Colwell Law Group, our number one priority is always our clients. The members of our team have decades of combined experience in negotiating and trying family law cases. We are able to use our experience and our knowledge of the courts and New York family law to act as advocates for our clients. Our lawyers are dedicated to serving our clients’ best interests while also allowing them to feel heard and understood. We want to ensure that they trust us and understand why we do what we do. Colwell Law has numerous attorneys who are experienced in Family Law that can help put you at ease. Call for a consultation.
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