Tips for Navigating a High-Asset Divorce
Divorce is stressful, and uncertainty of the future can lead to overwhelm. Significant assets in a marriage may exist, complicating an already tense situation. How they will be divided is often unclear. Ensuring the guidance you receive to navigate a New York high-net-worth divorce is sound and unrelenting will help secure the most favorable outcome to establish a solid start in life after ending a marriage.
Understand the Division of Assets in a New York Divorce
Dividing significant assets in a New York divorce will require a firm knowledge of not only the laws of New York but also a solid familiarity with personal life factors that are not always clear-cut or obvious. New York follows an equitable distribution law determining the division of assets based on distinct factors. It is essential to understand that equitable does not always mean equal.
A judge takes into consideration factors such as each spouse’s earning potential, custody arrangements for children, and the contributions of each spouse to the marriage, which are not always financial. A grasp of the types of property in a marriage and differentiating between separate property, assets owned by one spouse, and marital property or the assets owned by both spouses is required. The courts have a high level of discretion in dividing assets, and it is necessary to present any facts that can affect the distribution during divorce proceedings.
Know That Debts are Also Divided
Often more concerning than the assets an individual will acquire after marriage is the amount of debt a person will accrue after divorce. Any marital debts easily afforded with two incomes now will be subject to payment by one income. Becoming familiar with your earning capacity after a divorce, the tax consequences of property distribution, and adequately projecting future living expenses post-divorce requires a deep dive into an individual’s financial stability.
Know the Accurate Value of Marital Assets
Working with a team of valuation specialists to gather an accurate picture of the value of assets such as businesses, real estate, and retirement accounts is vital. A skilled New York Divorce attorney can assist in assembling a professional team to help a client understand the accurate value of assets and avoid one of the common financial mistakes of improper valuation that people often make during a divorce.
Ensure A Fair Settlement
It is always beneficial when partners can work together amicably, supported by sound legal guidance and mediators or another alternative dispute resolution method to find a fair and equitable New York marital settlement agreement. But this is not always the case, and to avoid conflict, individuals often settle to end the process quicker and get on with life. The divorce process benefits from patience and letting a supportive team guide you so you never have to agree to an unfair settlement.
An individual’s ability to thrive after divorce is often sustained by ensuring the best settlement to help meet life’s needs. While there are ways to prepare for life after divorce, every circumstance cannot be predicted or accounted for. Preparing for unforeseen events as best possible is necessary.
Superior Guidance in New York High-Asset Divorce
High-asset divorces can take longer because of their complexity, but with the direction of experienced legal guidance in a New York high-asset divorce, the process can run smoother, often costing less financially and emotionally. Finding a fierce advocate is essential.
The Law Office of Vivien I. Stark, P.C., gives each client the personal attention they deserve through professional navigation of a complex legal system. Reach out today to schedule an appointment with an experienced, strategic, high-asset New York divorce attorney to solidify a sound future after divorce.