High-asset divorces cannot be compared to standard divorces. In most cases, they are extremely complicated and are different than everyday divorces. When a couple accumulates a significant amount of assets during the course of their marriage, it’s important that they don’t enter the divorce process blindly.
Since New York is an equitable distribution state, a judge has a lot of discretion when it comes to dividing a couple’s marital property. Meaning, if a couple does not agree on a divorce settlement, it’s out of their control.
Common Assets in a High-Net-Worth Divorce
To start, property appraisals are going to be critical in the high-asset divorce since the couple’s real estate will be divided between the spouses. While there are various websites that can help someone determine the value of their homes, vacation properties, and other real estate, we suggest that our clients have a real estate agent run a Comparative Market Analysis (CMA) of their estate.
Since property values can fluctuate, even within a year's timeframe, it’s vital to have an up-to-date property appraisal. Sometimes, however, spouses are able to reach an agreement about how much their real estate is worth and that saves them time and money.
Common assets that are split in a high-net-worth divorce:
- Real estate
- Boats and yachts
- Vacation property
- Second homes
- Professional practices
- Insurance policies
- 401ks and IRAs
It’s not uncommon for divorcing couples to want to get their divorces over with in a hurry but in the case of a high-net-worth divorce, it’s important to slow down and think things through. The decisions you make in your high-net-worth divorce will impact your financial future, so it’s important not to rush the process and to seek expert advice.
Next: Tips for High-Asset Divorce in New York
If you’re getting a high-net-worth divorce, it will be a complex process that may involve tax attorneys, CPAs, forensic accountants, and economists. Each of these professionals is there to help secure your future and ensure a fair and equitable distribution of your estate.
The Law Office of Dennis R. Vetrano, Jr., LLC is highly skilled in handling high-net-worth divorces. Contact us today for the high-caliber representation you deserve.