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The East Village is one of the most desirable and most expensive neighborhoods in New York City, home to professionals in various industries, including doctors, business owners, executives, and other high-net-worth individuals. If you own substantial assets and are heading for divorce, you face a particularly complex series of legal proceedings, and it is crucial to work with an experienced East Village high asset divorce lawyer to guide you through your case.
The Levoritz Law Firm excels at handling difficult divorce cases, and our team has proven experience helping clients resolve high asset divorces since 2005. Divorce can impact your life in various ways for years to come, and it’s natural to have lots of difficult questions about what to expect and how to protect the wealth you have built and your financial future after your divorce.
The divorce rate in New York was 2.4 per 1,000 residents in 2023, and while most divorces filed in the New York County Family Court are filed on a “no-fault” basis, this does not mean that they are easily resolved. Divorce carries significant financial implications for both spouses, and when you control substantial assets, it’s essential to hire a high asset divorce lawyer who understands your position.
In New York, one of the most contentious aspects of divorce is usually property division, and the state uses the equitable distribution rule to handle this aspect of a divorce case. Under the equitable distribution rule, the court wishes to see the fairest possible division of the divorcing couple’s shared assets, but this does not necessarily mean an even 50/50 split, and it’s common for these cases to raise many difficult questions:
In a New York divorce case, all property is designated as either one spouse’s separate property or both spouses’ marital property. At the beginning of proceedings, both spouses must submit complete and accurate financial disclosure statements that include all of their financial records. This disclosure is crucial for ensuring a fair evaluation of all separate and marital property and the most equitable distribution of marital assets.
Each spouse can keep their separate property in divorce, but all marital property must be divided under the equitable distribution rule. In some of these cases, disputes arise concerning whether separate property has been commingled with marital property, which would make it subject to division under the equitable distribution rule.
Ultimately, the emotional side of divorce can make handling complex financial issues even more difficult. Sophisticated problems require sophisticated solutions, and the East Village high asset divorce attorneys at the Levoritz Law Firm have the skills and experience required in these cases. If you are bracing for a difficult high asset divorce in East Village, contact our firm today to learn how we can help.
While the terms “high asset divorce” and “high net worth divorce” are often used interchangeably, “high asset divorce” applies to a divorce that involves diverse and valuable assets and property, whereas “high net worth divorce” applies to the overall value of the couple’s marital estate.
Your spouse will not necessarily get half of your property in a high asset divorce in East Village. One of the most challenging aspects of these cases is that they require very careful valuation and assessment of multiple complex assets in order for there to be the fairest possible division of marital property. Hire a high asset divorce lawyer who can help you make confident decisions and guide you through these challenging proceedings efficiently.
In a East Village divorce, the only property that cannot be touched is each spouse’s separate property. This can include things they owned before marriage, gifts they have received, inheritance from blood relatives, and personal injury awards. Your East Village high asset divorce lawyer can help you accurately classify property as either separate or marital.
If it is discovered that a spouse has hidden assets from their divorce proceedings in New York, they can face several severe penalties, including contempt of court for willful failure to comply with a valid court order, a smaller share of marital property, or even criminal charges for fraud. In some of these cases, the spouse who failed to comply with the court order could be forced to pay the other spouse’s legal expenses.
The cost to hire a high asset divorce lawyer in East Village largely depends on your chosen attorney’s billing policy. Most family law attorneys in New York charge an hourly rate and track their time spent working on a case, so the more demanding the case, the more the client pays in legal fees. Review your chosen attorney’s billing policy so you know what to expect in terms of your legal expenses.
The Levoritz Law Firm can provide tailored representation and address the most complex financial aspects of your high asset divorce fluently. If you are preparing to end your marriage in East Village and have concerns about property division, contact us today to schedule an initial case evaluation with an experienced East Village high asset divorce lawyer you can trust.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by Founding Partner, Yonatan Levoritz who has more than 20 years of legal experience as a divorce & family attorney.
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