High Net Worth Divorce

High Net Worth Divorce

By J. Douglas Barics
New York Divorce Lawyer

High net worth divorce very often present a special set of circumstances that must be taken into account. Very often wealthy individuals have business interests or an interest in assets with someone other than their spouse. This presents a challenge in both valuing the asset and distributing it. Very often, the value has to be offset by some other asset as it makes no sense to give a spouse an interest in a business that he or she has no desire to own.

Many high net worth divorces often involve assets which are located out of state or out of the country. How these assets are handles, including determining if the court has jurisdiction over them poses another challenge that is common in high net worth cases.

Income caps for both child support and maintenance are yet another issue that must be considered. Both have caps on what income is required to be used in determining support, but the numbers are different. Moreover, while courts very often place a cap on income that is significantly higher than the mandatory statutory cap, the issue remains how much higher should the court go. Finding similar cases that involve similar incomes helps provide guidance to the court and also protects the individuals in the event an appeal is necessary in case the court orders a figure that is too low or too high.

Tax aspects cannot be ignored either.

Yet another very common issue that occurs in high net worth divorces is hiding income and assets. Knowing where to look for clues of hidden income and assets helps in finding them and helps keep legal fees more manageable too.

Not every high net worth divorce is complicated though. When people are transparent in disclosing their assets and income and act in good faith, the case does not need to be litigated or drawn out.

Call for a Free Phone Consultation or to Schedule a Low Cost Office Consultation

If you have have additional questions, contact our office to learn about your legal options in a high net worth divorce. To get your free phone consultation or to make an appointment, call (631) 864-2600. Serving clients in Suffolk, Nassau, Queens, Manhattan, Bronx, Westchester. Rockland, Orange and other surrounding counties are accepted on a case by case basis.

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For a free phone case consultation or to schedule an office meeting, call 631-864-2600.

Overview

Matrimonial actions are defined by statute; the most common being divorce, annulment, and a declaration of a void marriage. For every matrimonial action all ancillary relief is available.

Divorce

Divorce is the most common matrimonial action. Grounds are no longer the primary focus, the emphasis is resolving the financial matters and custody.

Annulments

An annulment is a matrimonial action seeking to declare a valid marriage void. All ancillary relief is available. All annulment grounds are fault based, and require a higher level of proof to establish.

Void Marriages

Void marriages are those which are void from inception. An action requesting a declaratory judgment is a matrimonial action and all ancillary relief is available.

Matrimonial Appeals

Matrimonial appeals requires a combination of matrimonial law and appellate law. A lack of understanding of either can prove fatal in an appeal.

Equitable Distribution

Equitable distribution authorizes the matrimonial court to award all marital property to either spouse, without regard to title.

Maintenance

Maintenance is the support payments from one spouse to another. Since 2016 the amount is determined by a formula.

Child Support

Parents have an obligation to support their children, and the parent with residential custody will be awarded child support. The amount of support is determined by a formula.

Custody

When parents cannot decide where their children shall live and how to make decisions involving them, the court will decide custody based on the bests interests of the child.

Counsel Fees

Awards of counsel fees to the non monied spouse is available in all matrimonial actions. Awards can be made during the case and at the conclusion.

Expert Fees

Awards of expert fees to the non monied spouse is available in all matrimonial actions.

Exclusive Occupancy

The court is authorized to award exclusive occupancy to one party, giving them exclusive use and possession of a home for a set period of time during or after a matrimonial action.

Pendente Lite Motions

Pendente lite motions used when a spouse in a matrimonial action needs needs immediate court assistance on something that cannot wait until trial or a final settlement.

Same Sex Divorce

Same sex divorces present unique issues such as when the couple got married before it was recognized by law, or when couples used work arounds for their marital property.

Modification of Child Support

Child support may be modified based on a change of income, a change of circumstances, or if three years have passed since the last modification. COLA adjustments to child support orders can also be obtained.

Modification of Maintenance

Maintenance is subject to modification or early termination but the circumstances when these can occur are less common than in the past.

High Net Worth Divorce

High net worth divorces often involve non typical financial holdings that require special care in determining their disposition.

Marital Agreements

Marital agreements are contractual agreements between future, existing, or prior spouses who decide to resolve their own issues instead of letting a court decide for them.

Complex Challenges

Complex challenges in matrimonial actions can range from complex financial issues, inter-state or international issues, or procedural issues which deprived one spouse from their day in court.