About High Net-Worth Divorce in New York

Explore Your Options for Protecting Your Hard Earned Money

High net-worth divorce cases involve unique and challenging legal matters that must be addressed on a case-by-case basis. At Wisselman Harounian Family Law, our attorneys work diligently to address our clients’ unique needs and goals, and we always aim to protect their best interests. As part of this process, we work closely with clients to identify the most favorable approach to dissolving a marriage, especially when the marriage entails complex financial concerns and significant assets.

Our legal team is prepared to immediately review your case for free to determine which approach is best for you. Contact us today!

Mediation for High-Asset Divorce

Mediation is an approach best suited for situations in which spouses are able to form an amicable legal separation and divorce agreement. Negotiations and arrangements can be made with the assistance of a mediator, who acts as a neutral third party. Complex issues pertaining to high net-worth divorce can also be fully addressed, including property division and family law issues concerning children. Benefits of mediation may expedited separations and reduced expenses, among others.

High-Asset Divorce Litigation

Divorce litigation is a common approach to a high net-worth divorce. Although other options and alternatives offer benefits such as expediting agreements and minimizing expenses, complicated financial situations and significant assets can make successful, amicable, and timely divorces challenging. Litigated divorce is generally used when divorce is contested and when spouses are unable to reach agreements concerning the division of assets and liabilities, alimony, and matters concerning children.

At Wisselman Harounian Family Law, our attorneys have experience representing high net worth individuals in difficult family law disputes throughout the State of New York. We have assisted in dissolution of marriage, paternity, and pre-marital agreement preparation and litigation, involving hundreds of millions of dollars in marital assets, complex and sophisticated business schemes, hidden assets, business owners and entrepreneurs, real estate owners, doctors, lawyers, music producers, entertainers, and government officials.

We Understand Your Needs

Family law matters involving high net worth individuals require special attention and delicate treatment. Some of the nuances of these cases include:

• Confidentiality and privacy concerns
• Trade secrets
• Experience with business valuations
• Goodwill issues
• Royalty valuations
• Child time-sharing issues involving parents with busy lifestyles.
• “Commingling, transmutation of assets, and asset tracing” and “Complex income analysis”

Common High Net Worth Assets In New York Divorces

A high net worth divorce in New York can lead to a lengthy and complex asset division process. Often, this happens because of the range and value of the involved assets.

Every high net worth divorce is unique. However, many involve similar forms of valuable marital property. Learning about the common assets in high-asset divorces that can introduce disputes or complications can prepare you for the property division stage of divorce.

• Real Estate: Many couples own multiple highly-valued properties, including the primary residence, vacation homes, rental properties, undeveloped land and commercial real estate. Valuing and dividing each property is essential for fairness. An appraiser may be involved to help with accurate property valuations.
• Business Assets: Many high net worth divorces involve business interests and ownership, or the hiding of marital assets within businesses. Not only could a business be valued and distributed, but, in the event of marital property being hidden in a business, the assets of the business itself can also be distributed. Valuation of businesses is nuanced, and can include valuing the assets and business equipment, investments, receivables, and intellectual property. A close examination of the business’s worth and profits can help to ensure a fair division.
• Investments and Stocks: Bonds, cryptocurrency, stocks, mutual funds and other investments are often present in high net worth divorces. Like other marital assets in high-asset divorces, they are subject to division between spouses, but it is wise to have an attorney explain tax and other considerations of splitting investments.
• Retirement Accounts: Some (but not all) retirement assets can be split between spouses in a divorce. In New York, those accrued during marriage, like 401(k)s and pensions, are typically divided equitably between both parties.
• Luxury Goods: A large area of contention in a high-asset divorce is luxury goods. Many spouses disagree about who should keep luxury items like art, jewelry and vehicles, often resulting in disagreements and delays.

The list of assets in high-asset divorce could go on. While everything may not be subject to division in a high net worth divorce, such as assets acquired before marriage or included in a pre-marital agreement, many assets are and it is highly important to understand what the law considers marital and non-marital.  Even the appreciation of a non-marital asset could be considered a marital asset and subject to division in a divorce.

Our lawyers at Wisselman Harounian Family Law can review the extent of your marital estate, protect your interests and fight for an equitable share of assets.

Personalized Assistance from Wisselman Harounian Family Law

Just as all individuals are unique, every marriage, family, and divorce is different. This is why our legal team takes the time to understand our clients, their situations, and what they want to achieve, as well as why we place an emphasis on exploring all options for high net-worth couples.

For more information about pursuing a high net-worth divorce and how Wisselman Harounian Family Law can help, call our legal team at 516-773-8300 for a free consultation. Our firm is available 24/7 to take your call.