At a high level, divorces in households with high income or a lot of wealth work the same way as any other divorce. The same New York laws still apply. Legally speaking, the process is also the same.
But when it comes to high-asset divorce, the details are what really matter. Because of the unique circumstances wealthier couples live under, there are several issues that tend to be much more important in a high-asset case:
- People with more wealth have more property to divide fairly between themselves. This it means, practically, it takes more effort to resolve a high-asset case.
- If the couple’s money came through an inheritance or other wealth acquired before their marriage, some of the property may belong to one of the spouses outright.
- Wealthier couples may have executed a pre-marital agreement.
- Often, wealthier couples have property, including businesses, investments, real estate or collections of rare art or other property which is more difficult to put a precise value on and divide.
- Procedurally, dividing complicated assets may require the help of appraisers, financial professionals or other experts.
- Tax consequences and other long-term financial effects often are more of a consideration in high-asset property division.
- Wealthier couples also tend to have higher incomes that come from a variety of sources. This circumstance can make calculating spousal support and child support more complicated.
- Because there are more financial resources all around, either spouse may be more inclined to argue about different divorce-related issues. It also could mean that a spouse may be more tempted to try to hide their assets.
- On the other hand, many high-asset couples may also be public figures who want to keep a measure of privacy.
- It is also important to remember that, whether it is a high-asset case or not, every divorce is unique.
Those involved in a high-asset divorce should make sure they know their options
Residents of Westchester County who are entering into or involved in a high-asset divorce should make sure they understand how New York’s divorce laws apply to their situations.
If a person goes through the process not understanding their rights and alternatives, they could wind up not getting fair treatment in their divorce. They may even find themselves facing a financial hardship.