High Net Worth Divorce Attorney in New York City
NYC High Net Worth Divorce Attorney
A divorce can be overwhelming and complicated. While most people hope to get past these troubling times unscathed, divorce is rarely simple. When marriages end with more complex assets and debts, it is important to retain the services of an effective high net worth divorce law firm. Divorces that involve a couple with the combined worth of one million dollars are called high net worth divorces. High net worth divorces need to address the same relevant marital issues as other divorces, including the division of assets, child custody, child support, and maintenance. When dealing with a high net worth divorce, your regular attorney won’t do. Most will not have the depth of experience to effectively represent a high net worth individual. At The Levoritz Law Group, our attorneys provide the caliber of services wealthy clients need during unsettled times. As New York City’s premier high net worth divorce law firm, The Levoritz Law Group celebrates an esteemed reputation for success. For a consultation with the divorce law firm you need and deserve, contact The Levoritz Law Group.
Marital Property and High Net Worth Divorces
One of the most significant legal issues in a high net worth divorce is the division of marital property. New York is an equitable distribution state. This means that marital property will be split in a fair and just manner. This does not always mean an even split. The court will decipher between marital and separate property to establish what assets are to be allocated. Simply put:
- Marital property is an asset brought into the marriage or acquired during the marriage.
- Separate property is anything acquired before the marriage and not brought in to the marital estate, with some exceptions.
For high net worth individuals, this matter is complicated because of the greater number and value of significant assets. With the possibility of multiple properties, wide-reaching investments, professional practices, and other substantial assets, high net worth individuals need the attention of a legal group with a wealth of experience in complex high-profile divorces.
Uncovering hidden assets
The Levoritz Law Group will not stop until every stone is turned. During the process of discovery, our firm utilizes every tool to ensure that you are getting what you deserve. With the possibility of offshore assets, assets hidden under the ruse of a separate business, and other property held under a relative’s name, our connections to some of the best New York City forensic accountants help us fight for your rights. We will work tirelessly to know everything is accounted for and fight for a fair allocation.
Net worth statements
Each party will provide financial information through the disclosure of net worth statements and tax returns. It is important for the court to have a clear picture of the marriage’s financial situation. The court may scrutinize this financial information to ensure that everything is true. While a modest divorce may be straightforward, a complicated high net worth divorce can lead parties to deeper investigation. If the court was to find significant discrepancies that would interest the Internal Revenue Service, the court would be obligated to share this information, opening up parties to further legal issues.
High net worth individuals are particularly vulnerable during a divorce. It may be a good option to execute a prenuptial agreement before you get married. With these documents, a person can establish which property will stay separate and what would happen to the marital estate if the marriage fails. This document is signed before the couple exchanges vows, must come with a full financial disclosure, and must be signed by the other party voluntarily. If you regret the absence of a prenuptial agreement, you may be able to convince your spouse of drafting and implementing a postnuptial agreement. It is the same document drafted during the marriage.
Contact an experienced NYC high net worth divorce attorney
Choosing the right legal team for your divorce is important. It is critical that you retain the services of a law firm well-versed in complex divorce matters. The Levoritz Law Group has handled countless high-profile divorces over the years. Not every attorney has what it takes to effectively represent a high net worth individual. The Levoritz Law Group does. Contact us today.