Long Island High Net-Worth Divorce Lawyers Protect Your Rights
St. James, New York divorce lawyers untangle complex assets
When high net worth couples divorce, substantial property is at stake. Special attention must be given to quantifying and appraising assets so that they can be divided fairly. At Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP in St. James, we work to obtain for our clients their rightful share of marital property through careful and thorough investigation and valuation. When your financial future is hanging in the balance, you can trust a Long Island high net worth divorce lawyer at our firm to win you the property you deserve.
What is a high net-worth divorce?
The term “high net-worth divorce” may bring to mind celebrity power couples. However, such a divorce can relate to any spouses with more than $1 million in assets. Since our Long Island practice covers some of the most affluent New York suburbs, we often represent clients who qualify as high net worth.
How assets are divided in a New York divorce
New York uses the principle of equitable distribution for dividing marital property. This means that each spouse is entitled to keep their own separate property and receive a share of the marital property that is fair, but not necessarily equal.
There are two ways to establish entitlement to property in a high net-worth Long Island divorce. First, you might prove that certain assets are separate property, belonging only to you. This is usually true if you acquired the property before the marriage or if you received the property as an inheritance or non-spousal gift during the marriage.
Marital property generally is any asset acquired during the marriage. You can seek a greater share of this property by demonstrating your contributions to the acquisition and maintenance of marital wealth, both in economic and noneconomic ways. For example, a spouse may have been devoted to childcare and attending to the household even though the other spouse was the major earner. Each spouse’s accumulation of debt is also considered in determining equitable distribution.
Challenges of a high net-worth divorce
The division of an affluent couple’s marital property is usually complex simply because of the portfolio’s size and diversity. Other complexities include:
- Disputes over the origin of assets
- Difficulty in valuing assets
- Disputes over assessed values
- Attempts to hide assets
- Real property located out of state and beyond the court’s jurisdiction
- Tax consequences of distribution
- A desire to maintain ownership of a high-valued asset, such as an ongoing business, rather than selling and dividing the proceeds
- Disputes over intellectual property
For these reasons, you need a knowledgeable attorney with extensive experience in high net worth divorce.
Common mistakes with high net worth divorces
The most frequent mistakes in dividing assets relate to identification and valuation of assets. Parties might be too trusting of a spouse who may have hidden assets or who has presented questionable valuations for various items. In a high net worth scenario, it is advisable to call in forensic accountants and appraisers to deal with special assets that are often difficult to quantify, such as a spouse’s retirement package that is tied to future corporate earnings. The property division and alimony lawyers at our firm are determined to protect your financial interests, using all legal tools available to compel your spouse’s full disclosure of assets.
Contact our Long Island divorce attorneys to discuss division of your marital estate
The experienced divorce lawyers at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP in St. James represent Long Island clients in high net-worth divorces. To learn more, call 631-360-0400 or contact us online to schedule an appointment.