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
Complex review of tax strategy
Real estate investments
Use of shell companies and multi-layered LLCs/LPs
Multiple bank accounts and tracing
Offshore accounts
Stock options and restricted stock units
401(k)s and pensions
Trusts
Enhanced earnings
Licenses and degrees
Art, collectibles and antiques
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—and access to the absolute best experts in each field.
