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
• Trusts
• Enhanced earnings
• Licenses and degrees
• Savings

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.