High Income or Substantial Asset Divorce
A High‑Income or Substantial Asset Divorce Demands a Highly Qualified Attorney
High income individuals or individuals with a substantial net worth generally are sophisticated and experienced and have worked with financial planners and advisers in the past. They most likely have financial planners or stock brokers who handle investments and estate planning lawyers who understand their long‑term financial goals including such things at their children's education or the care of a disabled family member. These professionals may not have been in a position to develop a plan addressing the complex marital breakdown. Indeed, they are frequently unaware that this is a possibility.
High‑Net‑Worth Divorce and Financial Advisers
At an initial consultation in anticipation of divorce in a high‑income/asset scenario, one of the first issues we will discuss is the identification of these key players in a couple's financial dealings. This would include accountants (sometimes more than one), stockbrokers, financial planners, bankers, legal advisors, and any other people who have been retained to help maximize returns, minimize taxes, and make positive future plans and decisions.
It may be possible to tap into existing accountants' knowledge of a couple's total assets. Or it may be best to seek advice of outsider financial experts who can be more objective in evaluating equitable distribution proposals.
Preferably, they should be advisers with experience evaluating marital estates in anticipation of divorce, and who are knowledgeable when it comes to complexities such as QDROs for division of retirement accounts, business valuation, uncovering hidden assets, and avoidance of provisions that, under a particular set of circumstance would negatively impact a party’s financial position. They must be fully familiar the party’s investments and unusual circumstances that make a particular division of property bad for a particular party. They must be fully familiar with the parties investments, assets, tax situation, and any other peculiar situation that would effect a parties finances.
Above all, it is important to understand that equitable distribution of marital assets may not appear to be equitable at first glance — but that with tax consequences in mind including basis, tax treatment of a particular asset, the long‑term effects matter more than the dollar amounts at the time of divorce. Family law attorneys with experience and confidence handling high‑asset divorces are valuable resources for high‑net‑worth individuals preparing for divorce.
Contact a well‑respected New York family law attorney at the offices of McCormack & Phillips, Attorneys at Law, in Rockland County. Our Nyack law firm is particularly well prepared to handle high‑net‑worth divorce cases in terms that are both fair and favorable to our clients.