Brand

Contact us today. We want to help.

Complexity often spikes in high-asset divorce cases

On Behalf of | Jun 30, 2021 | Property Division |

Many divorces in Nassau County and spanning the New York City metro are uncontested. It is often the case in such decouplings that impending exes are able to move through the dissolution process and ink a divorce settlement relatively quickly and with a minimum of stress or conflict.

But that is far from being universal. Legions of divorces – in fact, most – do indeed feature stressors that must be addressed and resolved en route to a post-dissolution fresh start.

Those can be many and varied. Soon-to-be exes often confront child-centric challenges involving custody, visitation and parenting plans. Many splitting couples focus closely on money matters linked with child support and/or spousal maintenance (alimony).

And, of course, accumulated assets must be dealt with, with their ultimate disposition often being a top-tier divorce concerns.

A proven New York family law legal source underscores that often sharp asset focus. It duly stresses that, “The division of marital property is one of the most contentious issues in any divorce.”

The reasons why are myriad and range widely from case to case, but it is a virtual given that asset-tied contention will emerge in almost any dissolution marked by high net worth.

Why high-asset property division is often a complex matter

It’s pretty simple, actually. A divorce featuring relatively modest holdings often spotlights just a few and relatively straightforward assets that must be dealt with. A house perhaps. A bank account and maybe a company-sponsored savings vehicle. A car and some personal property.

Conversely, divorces marked by substantial wealth often feature broadly diverse asset sources, including these:

  • Multiple realty holdings
  • Wide-ranging personal items, such as art, jewelry, cars, antiques and memorabilia collections
  • Stock options, bonuses and deferred compensation
  • Overseas accounts
  • Family business
  • Intellectual property rights/ownership

Singly or together, those assets (provided they are deemed as marital property) must be accounted for and effectively dealt with in divorce.

A key task: identifying, valuing and fairly dividing assets

An equitable result concerning complex property featuring in a New York divorce follows a three-step process, as noted in the above header.

First, all relevant assets must be located, which can sometimes require help from a private investigator and/or forensic accountant (some spouses do hide assets). Second, an accurate valuation of all marital wealth must be made. And, finally, New York law mandates that such wealth be equitably (fairly) distributed.

An experienced legal team with proven advocacy in high-asset divorce representation can help ensure that all those results optimally accrue for a client.

Archives

FindLaw Network
Irandom 4