Going through a divorce is never an easy process, especially when dealing with substantial assets and complex financial matters. In such situations, it’s absolutely crucial to have an experienced New York high net worth divorce attorney by your side to ensure that you receive a fair share of the marital assets.
We’ll delve into various issues in asset distribution during a high net worth divorce and how an attorney at the Douglas Family Law Group can protect your interests.
The Existence and Validity of a Prenuptial Agreement
A prenuptial agreement is a legal document signed by both parties prior to marriage, outlining how assets would be divided in the event of a divorce. A valid prenup must meet certain requirements under New York law, including being signed by both future spouses and witnessed by a notary public.
Even if you have a signed prenuptial agreement, it doesn’t automatically guarantee that it will hold up in court. Factors like fraud, coercion, or duress during the signing process may render the agreement unenforceable.
An experienced New York divorce attorney can help assess whether your prenuptial agreement will be deemed valid or not. You’ll need a skilled attorney on your side if you want to challenge a prenup or if your spouse is trying to undermine your prenup agreement.
Whether One of the Spouses Needs to Keep the Marital Home for the Children’s Sake
When it comes to high net worth divorces, the marital home is often a major asset that needs to be divided between both spouses. But what happens when there are children involved? Should one spouse keep the house for their sake?
This is a difficult question and one that can have different answers depending on each family’s unique situation. However, in general, keeping the marital home can provide stability for children during an already tumultuous time.
Moving to a new home can be tough on kids and may disrupt their routines or force them to switch schools. By allowing one spouse to keep the house, kids can remain in familiar surroundings with minimal changes.
Of course, this decision should only be made if it makes financial sense for both parties involved. If neither spouse can afford to maintain the home alone or if selling would result in a more equitable distribution of assets, then keeping the house may not be feasible.
Wasteful Dissipation of Marital Assets
Wasteful dissipation, or asset dissipation, refers to wasting, destroying, or using up marital assets by one spouse when the marriage is in trouble or in response to a divorce. It can happen in many ways, such as excessive spending, gambling, or using funds for an affair.
When it comes to high net worth divorces, wasteful dissipation can have significant consequences on the distribution of assets. The court may order that the guilty party reimburse their partner for any funds they’ve wasted and include this reimbursement when distributing assets.
It’s possible for wasteful dissipation to occur after separation but before divorce proceedings are completed. For instance, if one spouse destroys property or transfers assets out of spite during this time period, they could still face repercussions from a judge.
Proving that your soon-to-be ex-spouse engaged in asset dissipation requires legal expertise and evidence-gathering skills.
The Value of a Professional Practice or Joint Business Venture
A skilled New York divorce attorney understands that valuing a professional practice or joint business venture is complex. There are many factors that must be taken into consideration, such as future earning potential, current market trends, and the overall financial health of the business or practice.
It’s also important to consider any ownership agreements or contracts that may impact how these assets can be divided. A thorough review of these documents is essential in ensuring that each spouse gets a fair share in the divorce.
With the help of an experienced high net worth divorce attorney, you can rest assured that your interests will be protected throughout this process.
The Impact of Divorce on Retirement and Savings Accounts
Retirement benefits earned during the marriage are typically considered marital property and subject to equitable distribution. This includes pensions, 401(k) plans, IRAs, and other similar accounts. The court will consider factors such as the length of the marriage, contributions made by each spouse to the account, and the value of other assets when determining how these benefits should be divided.
Savings accounts are also subject to division in a divorce. However, if one spouse contributed significantly more than the other or had separate funds prior to the marriage that were never commingled with joint funds, these factors may be taken into consideration.
Dealing with retirement and savings accounts in a high net worth divorce is complicated. It’s critical to work with a New York divorce attorney who can protect your interests.
A Skilled New York Divorce Attorney Will Secure Your Fair Share of Marital Assets!
In a high net worth divorce, equitable distribution can be a complex and emotionally challenging process. However, with the right guidance and representation from a skilled New York divorce attorney, you can secure your fair share of marital assets.
A knowledgeable lawyer at the Douglas Family Law Group can help you navigate these complexities and protect your interests. If you’re facing a high net worth divorce in New York, call 914-615-9058 today!
