High Net Worth Divorce

Facing a Divorce with High Income and Significant Assets? We Can Offer the Help You Need.

While there is no such thing as a simple divorce, it can be agreed that the more money, property, and assets involved, the more stressful the situation may be. Beyond the emotional distress divorce can bring, financial strain and struggle can turn a peaceful split into a bitter courtroom battle. Initially, the couple will still have to handle the same issues every divorcing couple has to face – including child custody and spousal support.

These issues are compounded in difficulty, and when large amounts of money are involved, it can significantly impact equitable distribution. Already difficult matters can become a more strenuous part of your proceedings, as the court will have to take into consideration how to equitably divide marital assets. Since high net-worth divorce involves more money and more valuable assets, the process can become quite complex.

In a high net-worth divorce, the court may need to divide the following types of assets:

• Business ventures: Business entities are often valued by expert appraisers, and the value of the business, if started during the marriage, can be deemed a marital asset that is subject to distribution. Our firm will help protect the business you worked so hard to grow.
• Real estate: The money you have put into real estate investments can also be on-the-line during your high net-worth divorce. From residential homes to commercial properties to vacation homes, you need to take steps to protect your real estate from an unjustified distribution that your ex-spouse or the court mislabels as “equitable.” Just as we do with business ventures during divorce, our lawyers recognize the importance of protecting your real estate, which can function as a place you call home and/or a considerable source of income or asset value.
• Bank accounts: A considerable amount of your assets might be placed in privately controlled bank accounts that you did not let your spouse access while you were married. However, depending on the arguments made by your spouse, the same bank accounts could be open to equitable distribution during your divorce. It is our goal to ensure your liquid assets are divided based on what is truly equitable, not on what portions your spouse thinks should belong to them.
• Stocks and bonds: Your finances could be largely placed investment assets of known types, such as stocks, bonds, options and mutual funds. Although your investments have always been controlled by you and your interests, they can actually come up during equitable distribution in divorce, which catches many investors and stockholders by surprise.
• 401(k)s and IRAs: Do you have assets building in a 401(k) or IRA? You might have been relying on those assets for your comfortable retirement. But now that you are in the middle of a high net-worth divorce, you should know that even these precious nest eggs can be subjected to distribution. Let us protect your future and retirement by representing you.
• Trusts: Our experienced Long Island high asset divorce lawyers can also protect what you have placed in trusts. When you set up a trust, it can seem like those assets are untouchable by all outside sources. Yet divorce proceedings can bring those assets back to the forefront and divide them equitably.
• Crypto: We will protect your interests in crypto currency and other hidden assets.

If you find yourself in this type of situation, it is absolutely vital that you secure the help of a knowledgeable, esteemed divorce lawyer in Long Island to help protect your rights. At Wisselman, Harounian & Associates, we are available to take your call 24/7. Your initial consultation is free and confidential, so please don’t wait to call!

Why Are High Net-Worth Divorces More Challenging?

High net-worth divorces are considered more challenging because they entail complex financial issues and significant assets. Often, there is a higher cost to find assets, inventory assets and appraise assets. There may be more complex tax issues as well. These matters can create difficulties in equitable distribution of assets and liabilities and may lead to protracted and costly litigation, which requires strong advocacy by an experienced trial attorney. While any divorce can be stressful for New York families to navigate, the stakes can be significantly higher in high-asset divorces. Also known as high net worth divorces, high-asset divorces entail the dissolution of marriage between Nassau and Suffolk or New York City spouses with substantial wealth or assets. As you can imagine, high-asset divorces can involve many complexities for couples. When preparing for a high net worth divorce, securing trusted representation from an experienced high-asset divorce lawyer is imperative to retain what’s rightfully yours. In many cases, sound counsel can mean the difference between walking away empty-handed and preserving your hard-won wealth.

Fortunately, our law firm partners have over 25 years of experience each representing fellow New Yorkers (Nassau, Suffolk and New York City) in complex high-asset divorces.

Preparing for divorce can be stressful. Our Long Island attorneys can

help protect your hard-earned assets. Call 516-773-8300

What Is a High-Asset Divorce in New York?

Divorces involving high net worth spouses can be complex and challenging. Such cases require sufficient knowledge and experience from a qualified high-asset divorce attorney to ensure a fair and equitable outcome in Florida. Fortunately, our experienced firm understands the intricacies of high-asset divorces and is dedicated to safeguarding your financial interests throughout the process.  A high-asset divorce or high net worth divorce refers to a dissolution of marriage involving substantial wealth and assets. In New York, this typically entails a divorce involving couples with a combined net worth exceeding $2.5 million. However, remember that the threshold for high-asset divorces isn’t set in stone. The exact amount may vary based on individual circumstances and the complexity of spouses’ financial portfolios.

Equitable Distribution in High Net Worth Divorces

When it comes to property division during divorce, Florida follows the principle of equitable distribution. Unlike community property states, which typically split marital assets evenly, New York courts take various factors into account when making decisions in high-asset divorces, such as:

• Duration of the marriage
• Any history of marital misconduct
• Future earning capacity of each spouse
• Economic circumstances of each spouse
• Financial contributions made by each spouse

Importance of Hiring Experienced Representation

While no divorce is without its stressors, high-asset divorces can present unique challenges for New York couples, such as:

• Complex financial portfolios: High net worth individuals often have diverse and complex financial portfolios that can include a variety of items, such as investments, stocks, real estate, businesses, and offshore accounts. Dividing these assets will require sound counsel from a qualified lawyer with sufficient experience handling financially complex dissolutions of marriage.
• Valuation of assets: Accurately valuing high-value assets, such as luxury properties, valuable collections, or intellectual property, can be challenging. An experienced attorney can work with financial experts to ensure a fair and accurate valuation for Florida clients.
• Business ownership and partnerships: If one or both spouses own a business or have significant interests in partnerships, issues like determining the business’s value, dividing ownership, and addressing potential future income streams must be carefully addressed.
• Pre and postnuptial agreements: High net worth individuals often have prenuptial or postnuptial agreements in place. Navigating these agreements and ensuring their enforceability can be complex, requiring the expertise of an attorney experienced in high-asset divorces.
• Hidden assets and complex financial structures: In high net worth divorces, spouses may attempt to hide assets or manipulate financial structures to minimize their liabilities. A skilled attorney will have the knowledge and resources to uncover hidden assets and protect your interests.
• Tax implications: Dividing assets in high net worth divorces can have significant tax implications. An experienced attorney can work with tax specialists to minimize tax-related liabilities and protect your financial interests.
• Privacy concerns: High-profile individuals may be concerned about privacy during divorce proceedings. A knowledgeable attorney can take steps to protect your privacy and handle sensitive information with utmost confidentiality.

Because high-asset divorces can be so complex, working with a trusted high-asset divorce lawyer is imperative to obtaining a favorable outcome in court. A qualified attorney can negotiate effectively on your behalf to help you navigate the complexities of court while ensuring your assets are protected throughout the divorce proceedings.

What Issues Are Addressed in High Asset Divorces?

As high net-worth divorce cases have more at stake for both parties and for families as a whole, it is strongly encouraged that couples work with experienced attorneys who can fully evaluate and address all issues. These may include, among others, the division of assets and liabilities such as businesses and investments, cryptocurrency, stock portfolios, and retirement assets, as well as spousal support. If there are children, our legal team will also assist in securing arrangements for child custody, child support, and visitation.

Mistakes to Avoid During a High Net-Worth Divorce

Because a high net-worth divorce is more complicated than a standard divorce, it is important to exercise good sense before making any moves that could negatively impact the outcome of your case. When you work with an attorney from Wisselman Harounian Family Law, we can help you avoid the following mistakes:

• Never attempt to hide assets. Everything must be disclosed to the courts. Even the most well-intentioned financial moves could look suspicious or sneaky. For example, a spouse may move funds out of a joint account in order to avoid their spouse withdrawing them first. Consult your lawyer before doing anything.
• Don’t do anything motivated by revenge. You must keep your emotions calm and your expectations realistic if you wish to secure a successful case resolution. While you may be angry initially, it will not help you make sound decisions in the long run. A good lawyer will be someone you can trust to put your best interests first, and will do so without instigating fights or allowing you to make rash decisions intended to hurt your ex-spouse. At Wisselman Harounian Family Law, our experienced lawyers can negotiate on your behalf and mediate any situations that might sabotage your case.
• Don’t agree to just anything as a way to rush out of your divorce. You may want to get it over with, but don’t be tempted to rush into any agreement without considering its merit. This may end up costing you financially, so it is important to thoroughly analyze your options before your divorce is finalized. Don’t rush through it!

Are There Alternatives to Litigation in High Asset Divorces?

Although litigated divorce is a common approach for all types of divorce cases, there are alternatives. These options often include mediation and divorce settlement. Mediation involves a neutral third party – a mediator – who assists both spouses in reaching amicable agreements for all related matters, including property division, and child custody and support. Divorce settlement – involves each party being represented by an attorney in order to reach an out-of-court settlement.

Which Option Is Best for My High Net-Worth Divorce?

Just as all marriages and families are unique, so are divorces. As such, determining which option is best will require a full evaluation of your situation, needs, and goals. Our legal team takes the time to understand our clients and what they wish to achieve in order to determine an approach that will help resolve divorce matters in a fair and equitable manner.

Why Hire Our Law Firm?

At Wisselman Harounian Family Law, our Long Island divorce lawyers know what it takes to bring success to the individuals and families who choose to work with us. We have become leaders in this field due to our successful resolutions of high conflict and high net worth divorce cases. We understand that in high net-worth divorce situations, success is often in the details. We are dedicated to putting in the personalized attention each case deserves. Give us a call today to find out how we can put more than 150 years of experience to work for you.

Do not hesitate to contact a Long Island divorce attorney from Wisselman Harounian Family Law if you need legal assistance for your complex, high net-worth divorce. Call us today at 516-773-8300!