In a New York divorce case, the Equitable Distribution Law requires that the court divide or distribute marital property in a manner deemed to be fair. It is important to initially make the distinction between what is marital property and what is separate property, as it relates to a marriage. Read the rest »
High Net Worth Divorce
Beneath the emotional turmoil that separation causes, divorce can be thought of as a financial transaction similar to the dissolution of a business. You and your spouse are splitting your conjoined assets and debts and going your separate ways.
When you have a high net worth, untangling the financial aspects of the marriage can be more complex. The Law Offices of Paul A. Boronow, PC has handled many of these types of divorce cases. Here are some of the most frequently asked questions we hear about high net divorce: Read the rest »
Musicians Gwen Stefani and Gavin Rossdale recently ended their divorce proceedings with an out of court settlement. The couple split property and arranged shared custody of their three children, according to the New York Daily News. The couple had been married for thirteen years, but separated in August 2014. They cited “irreconcilable differences” as the reason.
Under the high net worth divorce agreement, the two will share custody of their three children, but will not split their property equally. Because the couple had no prenuptial agreement, Stefani will receive more than half of the property from the marriage. Read the rest »
According to a recent report in the UK’s Daily Mail, the former wife of Red Hot Chili Peppers guitarist John Frusciante is seeking to have her alimony payments increased. To $75,000 per month.
Under the initial terms of their divorce, Nicole Frusciante received $20,000 per month in spousal support. According to the Daily Mail, court documents recently filed in her divorce case asked to have another $55,000 per month added. This is so Nicole can continue to maintain the standard of living the couple enjoyed during their four-year marriage. This standard of living included time spent at the couple’s three homes, several employed personal assistants, and the use of a private music studio. Read the rest »
When spouses that share a high net worth decide to divorce, complex financial questions are often involved. If you are not in charge of the family finances, or if your spouse has a controlling share in a business, it can be very difficult to determine exactly what your family owns and what you are entitled to take with you in a divorce. Rental or investment properties, business holdings, investment accounts, and other assets may all play a role in your family’s finances.
Working with a New York attorney with experience handling high net worth divorce is a crucial first step toward protecting your interests. When accounts are complex or there is reason to believe your spouse is attempting to hide assets, your attorney may recommend adding a forensic accountant to your team in order to ensure you receive an equitable share of the marital property. Read the rest »
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