All divorces involve important matters like child custody and asset division. When divorcing spouses have a high net worth, a divorce can be even more complicated. Our Brooklyn high net worth divorce attorneys can help you arrive at a fair division of the assets in your divorce case.
How our Brooklyn high net worth divorce attorneys can help
In Brooklyn, divorce law is based on an equitable division of the assets. That just means that each side should get what’s fair in the divorce. The court doesn’t necessarily have to award the parties equal amounts. Instead, it’s up to the court to determine what’s fair based on all of the circumstances. The court may consider the conduct of the parties and whether either parent contributed to the breakdown in the marriage. The court can also determine the needs of the parties and the resources of each party when they determine what’s equitable under all of the circumstances.
Identifying assets in a high net worth divorce in Brooklyn
When we work with you, our Brooklyn high net worth divorce lawyers work diligently to identify the assets that are involved in the case. Parties often do not know what assets their spouse has. A party may not be involved in managing money, or a party may intentionally hide assets from the other spouse. Even if an asset is in one spouse’s name alone, it may be subject to division as marital property.
Generally, anything that a party earns during the marriage is marital property, but there are some exceptions. If a party brings assets into the marriage and doesn’t spend marital funds to maintain the property, the asset may remain their sole property upon divorce. In addition, a party that receives an inheritance may keep the inheritance as their sole property. It depends in large part on whether the party comingled the asset with marital assets.
Our Brooklyn high net worth divorce attorneys can work with you in order to harness the New York uniform civil court rules. A Brooklyn divorce is a civil court case and subject to New York’s civil process rules. Because a divorce is subject to the civil court rules, you can use formal demands in order to discover assets. For example, you can send a notice to the other party’s bank to send you records. You can demand that an employer produce payment records or sit for a deposition to discuss things that the other party may have told them about their assets.
Alimony in Brooklyn high net worth divorce cases
In any high net worth divorce case, the parties want to know what the court might order in terms of alimony payments. The alimony or spousal support award in your case depends on the length of your marriage, the assets of the parties and the needs of each party. The longer your marriage, the longer the higher-earning party can expect to pay spousal support.
The court looks at how the parties lived during the marriage. If they had a high standard of living, the court looks to help ease the lower-earning parent’s transition to their new lifestyle. The court may order spousal support that ends when a party dies or remarries, or they may order spousal support for a limited period of time. The court looks at the ages of the parties involved and whether they can reasonably be expected to return to work.
The judge has considerable discretion when a party seeks spousal support in a divorce. The court can look at more than 20 different factors in order to arrive at an order that they think is equitable. Your Brooklyn high net worth divorce attorneys can help you gather evidence about your circumstances and about the circumstances of the other party in order to help the court understand why the outcome that you want is fair.
It’s important to have realistic expectations about what the court might award in spousal support. Our attorneys can help you determine what the court might do under your unique circumstances. Our high net worth divorce attorneys in Brooklyn can help you bring or defend against a request for temporary, periodic and permanent spousal support in your case.
Working with our experienced divorce attorneys for high net worth in Brooklyn
In a high net worth divorce, the court orders have a significant impact on your future. Property divisions, spousal support and child support are all critical components of a high net worth divorce. Our attorneys can help you determine the best course of action in your case.