Commack High Asset Divorce Lawyer
Aside from child custody, the most contested issue in a divorce is usually money. Specifically, how will the divorcing couple divide their assets? The more property a couple owns, the more likely there is to be a protracted dispute over who will get what in the divorce.
If you and your spouse have a high net worth, a divorce is not likely to be a simple matter. That is why it is in your best interest to work with a qualified Commack high asset divorce lawyer. At the Law Office of Joshua Adam Kittenplan, P.C., we can represent your interests and help ensure you receive your fair share of any divorce settlement.
How Equitable Distribution Affects a High Asset Divorce in New York
New York follows an “equitable distribution” rule in divorce cases. In simple terms, this means that if divorcing spouses are unable to reach an agreement on how to divide their property, a Supreme Court judge is not required to order a 50/50 split. Instead, the court will decide what is equitable or fair after taking into account a number of factors. In this context, “fair” does not necessarily mean “equal.”
In a high asset divorce, it is often a complex process just to sort out what is the marital property subject to division in the first place. If either or both spouses were independently wealthy prior to the marriage, those assets are often not subject to equitable division. There are also cases where one spouse may be hiding or concealing assets from the other spouse in an attempt to subvert the equitable division process. This is why it is common in high asset divorce cases for both sides to conduct a thorough review of all marital finances at the outset, to ensure the court is presented with an accurate picture of the couple’s wealth.
Some other legal issues that frequently arise in high asset divorces include:
- Properly classifying and valuing marital assets;
- Enforcing or challenging prenuptial and post-nuptial agreements;
- Determining one spouse’s interest in the other spouse’s retirement plans;
- Addressing complex tax issues that may arise from a settlement; and
- Protecting one spouse from substantial debts incurred by the other spouse during the marriage.
Again, it is important to emphasize that a court must fashion an equitable distribution of assets under New York law. This means the judge will look at more than just a couple’s balance sheet. The court must also consider each spouse’s relative income and property prior to the marriage, how long the marriage lasted, and if there are minor children the custodial parent’s financial requirements to provide a stable home.
Contact Attorney Joshua Adam Kittenplan Today
A high asset divorce can prove costly–in more ways than one–if you are not prepared. A skilled Commack high asset divorce attorney can represent you at every stage of the process and help ensure that you receive a truly equitable and fair settlement under the law. So if you need to speak with a lawyer, contact the Law Office of Joshua Adam Kittenplan, P.C., today to schedule a free consultation.