New York is an equitable distribution state. Before your assets get divided, the court is going to consider several factors surrounding your marriage:
- The assets you acquired as a married couple
- The assets you acquired separately (e.g., inheritances, businesses you began before marriage, and gifts you received).
- The length of time you were married
- Your age and health
- The amount of spousal support you will pay or receive
- Your financial futures
Though these are a few examples of what a judge will look at, there are thirteen in total. One thing that wasn’t mentioned is that the court wants to know that neither you nor your spouse squandered assets in anticipation of the divorce. This includes transferring property at less than market value. For example, selling a summer home to a close friend for $100 so that it couldn’t be divided during the divorce process.
High-Net-Worth Divorces
When a couple’s most considerable assets are a home, car, and savings, the negotiations for dividing things equitably can be relatively straightforward when compared to people who share a business, have significant investments, and own homes in multiple states. The latter is a more accurate representation of a high-net-worth divorce due to how legally complex it may become in terms of equitable distribution.
To make the matter less complicated, think about things you can do versus what your attorney should do. For example, you can create a comprehensive list of all your assets, whereas your attorney can determine which is considered marital property and what is separate. Suppose you began a business before you were married. In that case, there may be elements of it that are shared (e.g., the profits and appreciation of the company when you were married) and parts of it that are separate such as what you put into it and got out of it when you were single.
Another critical need during a high-net-worth divorce is properly valuing each asset. For this reason, we have an extensive network of experts, forensic accountants, and people who can arrive at a fair value for your business.
Hiding assets, which could be viewed as fraud and could destroy your credibility in court, complicates an already complex situation. Allow an attorney to represent you and protect your interests. They are in the best position to advocate for you while utilizing various legal methods and approaches. Your role is to supply your attorney with the information she needs to accomplish this. If you have additional questions regarding high-net-worth divorces, contact Andrea L. Gamalski, Attorney & Counselor at Law, for a free consultation.
Andrea L. Gamalski Attorneys at Law
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