Long Island High Net Worth Divorce Attorneys
How a Lawyer Can Help During Your Complex High Asset Divorce
The division of investments, assets, and other property during high-net-worth divorce proceedings can be rigorous and complicated, but our Long Island divorce lawyers have the tenacity and the legal acumen to see your proceedings through, from complex start to successful finish. We will separate your non-marital assets from your marital assets, and see that you get to keep what is rightfully yours. In New York State, non-marital assets are considered:
- Any property that was acquired by one partner before marriage or after marriage by gift, bequest, or inheritance
- Compensation for personal injuries, such as a settlement or award in a civil suit
- Any property designated as exempt by prenuptial agreement
The following are considered marital or “joint” assets:
- Business ventures – domestic and international
- Pensions, 401k plans, and other retirement accounts
- Stocks and bonds
- Family trusts
- Real estate
- Luxury items
- Other significant property
The more information we have, even prior to our investigation, the better off you’ll be when it comes time for the actual division of assets.
The Right Questions at the Right Time
A great deal of what goes into a successful high-net-worth divorce depends on the information gleaned in what is known as “discovery.” During discovery, our team - consisting of business valuation professionals, forensic accountants, real estate appraisers, and pension experts - will use every method at their disposal to investigate your spouse's holdings, as well as yours. The more information we have prior to our investigation, the better off we will be when it comes time for the actual division of assets. In terms of discovery methods, we utilize the following tools to gain a clear picture of you and your spouse's complete financial profile:
- Specific Interrogatories – A series of questions, written or spoken, that your spouse is required to answer under oath.
- Document Requests – Obtaining financial documentation for all assets, such as investment reports, real estate documents, bank statements, business spreadsheets, and other detailed information from your spouse.
- Electronically Stored Information Requests – Just like a document request, although often far more revealing. This could be from a variety of electronic sources, from cell phones to computers to the cloud, all of which could open a much wider understanding of you and your spouse's financial health.
- Subpoenas – A much more thorough request, going directly to financial entities like banks, credit unions, mortgage companies, and other financial institutions.
Frequently Asked Questions
- Can't my regular personal attorney handle my divorce case?
- "I just want to get out." Can't I just give my ex whatever he/she want so I can be free and move on with my life?
- I trust my ex-spouse. Is a thorough investigation into our shared net worth really necessary?
- Will my asset division settlement affect my tax obligation?
- Are there ways that assets get hidden from the other spouse?
Q: Can't my regular personal attorney handle my divorce case?
Just like physicians, different attorneys have different areas of expertise. While all attorneys and physicians share a certain common general knowledge of law or medicine, they have all chosen to practice in a specific arena. Divorce attorneys know divorce law, and you will be well served to find an attorney who focuses on matrimonial and family law when going through a divorce.
Q: "I just want to get out." Can't I just give my ex whatever he/she want so I can be free and move on with my life?
A: It is tempting for a person to agree to any settlement, just to be free of any connection or obligation to the former spouse. Unfortunately, this can lead to substantial financial issues in the future. Never make a settlement out of desperation. It is very hard to overturn an unfair settlement agreement, so be very cautious of settling until you fully understand the ramifications for you and your family.
Q: I trust my ex-spouse. Is a thorough investigation into our shared net worth really necessary?
While you may trust your ex-spouse, he or she may not know the true value of your assets. An investigation by a divorce attorney can make sure both you and your former spouse get a fair and equitable deal.
Q: Will my asset division settlement affect my tax obligation?
Depending on the type of assets you keep, you could be responsible for a lighter or heavier tax burden. Assets such as retirement accounts are pre-tax, so they need to be valued differently than a bank or stock account.
Q: Are there ways that assets get hidden from the other spouse?
A: Yes, but it doesn't always work out as planned.
Many divorce litigants hide income and assets, and most of the methods used are very familiar to experienced matrimonial and family law attorneys. Attorneys use discovery devices to review the assets, and when there is a question as to additional assets, many times forensic accountants and investigators are used to follow the trail of funds. Most times the spouse trying to hide the assets gets caught, and pays a large price in terms of credibility with the court, the division of the assets, and the award of counsel fees.
Dedication and Discretion in Long Island High-Net-Worth Divorces
When you're going through a high-profile divorce, you need the representation of a law firm that understands what is at stake and will fight for what is in your best interests. Call the experienced Nassau County Law Offices of Paul A. Boronow, PC, for a free consultation at (516) 227-5353.
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