When a couple goes through a divorce, there are many legal matters to handle. These allow them to separate the two lives that were brought together over a period of time. A large part of this process requires the division of the couple’s assets between the two of them. While this can prove to be difficult during any divorce, it can become even more complex in the event that the spouses are of high net worth. When facing a high net worth divorce, it is important for both spouses involved to protect their assets. This can be done with the assistance of a skilled attorney.
Spouses who are in possession of assets that are worth one million dollars or more qualify as being of high net worth. In the event that the couple divorces, it is considered a high net worth divorce. These proceedings are usually similar to regular divorce cases, as they deal with the same marital issues. However, high net worth divorces can become more complicated as they deal with the following assets:
During the proceedings of a high net worth divorce, both spouses must provide proof of their finances. This can include handing over tax returns and net worth statements to the court. This information allows the court to get a full understanding of each spouse’s financial standing. Once these documents are evaluated, the judge is aware of both their worth and can accurately divide these assets between each spouse.
When sharing this information, it is important to be truthful and provide full documentation. This is because the documents are shared with the Internal Revenue Service (IRS) to ensure that there are no discrepancies within the financial claims.
When a person is of high net worth, they should know that there are measures to be taken to protect their assets. This can be accomplished with the creation of a prenuptial agreement that is signed before the marriage, outlining how a couple’s assets should be divided if they choose to divorce in the future. Similar to this, a postnuptial agreement can accomplish the same goals, however it is signed after the marriage is final.
Leslye M. Schlesinger serves Rockland and Westchester County with compassion and integrity. With over 30 years of experience guiding clients through matrimony law, she now focuses on helping clients avoid litigation through alternative dispute resolution, including collaborative divorce and mediation. If you need an effective and committed attorney, contact Leslye M. Schlesinger for a consultation.