Complex High Net Worth Divorce Cases
Long Island Family Law Attorney Outlines Equitable Distribution Concerns
High net worth
divorce cases are often more complex than other types of divorce cases, as there
are more complex assets, businesses and professional practices to account
for during distribution of marital property. If you have a high income
and /or complex equitable distribution case, it's in your best interest
to retain the legal counsel of a Long Island divorce attorney who has
experience handling high net worth cases.
At Samuelson Hause & Samuelson, LLP, a skilled attorney at our office
can help you understand the
New York divorce process and can review all aspects of your case, including your financial status,
annual earnings, assets, and marital property to gain a better understanding
of what you stand to lose and what you hope to gain during the divorce
process. Our main objective is to make sure your rights are protected
at all times and that your goals are realized.
Property Division in a Complex High Net Worth Divorce Case
Just as in all other types of divorce cases, high net worth cases involve
such issues as maintenance (alimony),
child custody, and
child support. Where high net worth cases tend to differ is in division of marital property.
Because the assets and property in these types of cases are substantial,
of varied types and can have substantial tax consideration, dividing up
the property in a way that is beneficial to both parties can be more challenging.
In addition, determining how property should be divided and allocated
based on New York
equitable distribution laws can be complex. Many complex high net worth divorce cases involve
the distribution of such assets as:
- Business ventures
- Real estate investments
- Multiple bank accounts
- Offshore accounts
- Stock options
- 401(k)s and pensions
- Enhanced earnings
- Licenses and degrees
In New York, equitable distribution laws state that marital property has
to be divided "equitably" but does not necessarily mean equally.
It does not matter which spouse has their name on the title, since all
property acquired during marriage will be considered marital property
subject to such division upon divorce. Oftentimes there are cases when
a spouse will try to hide assets as an effort to retain them for themselves
which is why it is important to have experience on your side. Our Long
Island divorce lawyers are familiar with the tactics that spouses use
to keep such assets. Make sure your rights are protected by seeking help
from our firm as soon as possible.
Hidden Assets in a High Net Worth Divorce
If you are in a high net worth marriage that has been slowly unravelling,
you may suspect that your spouse is hiding assets from you. Among unhappy
couples, this is not an unusual concern. Typically, high net worth couples
have the knowledge, means, and ability to conceal assets from their spouse,
especially when the innocent spouse lacks direct knowledge of a specific asset.
Here are some ways that spouses hide their assets:
- Move assets to offshore accounts
- Send money to friends and family
- Move money to paramours
- Create secret investment accounts
- Move assets to safety deposit boxes their spouses are unaware of
Generally, the thinking is, “I do not want to have to split this
with my spouse.” Such financial misconduct, however, is neither
tolerated in the divorce courts, nor is it legal. In today’s technologically-advanced
world, it may be easy to move large amounts of money, yet these large
financial transactions almost always leave behind a digital trail, which
is helpful to the spouse who is on the receiving end of deceit.
While there are many divorce lawyers on Long Island, not all of them are
well-versed in uncovering hidden assets through cutting-edge strategies.
Today, uncovering hidden assets involves far more than scouring through
credit card statements, social media accounts, and tax returns; sometimes
sophisticated methods and tools need to be utilized in order to identify
secreted assets. If you have reason to suspect financial infidelity, we
urge you to contact our firm for professional assistance. Our legal team
is adept at uncovering hidden assets through a variety of methods, including
high-tech, low-tech, and time-tested strategies.
Looking for a Lawyer for Your Divorce Case in Long Island?
At Samuelson Hause & Samuelson, LLP, we are committed to providing
each and every client with the dedication, experienced guidance and resources
needed to resolve their case in the best possible manner. We have more
than 100 years of collective experience in New York divorce and matrimonial
law and would be honored to put our experience to work for you. We practice
with high-quality and ethical standards and value honesty at our firm.
These practices were recognized by the Better Business Bureau and our firm
was officially accredited by the BBB on July 17, 2013. To learn more about
how we can protect your rights and help you fight for what you deserve
in your complex high net worth divorce, please don't hesitate to
contact a Long Island divorce lawyer today. You can either call our office or we have the convenient option
of filling out a
case evaluation form to schedule your initial call.