Queens High Net Worth Divorce Lawyers
If you’re facing a divorce and you have a large net worth, your divorce poses some unique issues. You need to document the assets in the case and prepare evidence for use in court. There are some unique laws to be aware of as they relate to your divorce. As Queens divorce lawyers, we’re experienced handling high net worth cases. We advocate thoroughly and aggressively for the best interests of our clients in each case.
Discovering assets
Often times, the other spouse tries to hide assets in a high income divorce case. There are a number of ways that they might try to do this. They might try to send money or property to relatives in order to hide it from discovery. They might try to be dishonest about the nature or value of an asset.
There are things that your Queens high net worth attorneys can do in order to discover assets that your spouse might be trying to hide. We can use a few different methods in order to find assets. For example, interrogatories allow us to send written questions to the other spouse.
The spouse has to answer these interrogatory questions under oath about their assets. They also have to produce records that we request. Our years of experience in high-asset divorce cases give us the experience to know how to ask these questions in order to get to the truth.
Another discovery option is conducting a deposition. That’s an oral examination of a person under oath. Discovery isn’t limited to the other party. We can request records from banks, financial institutions, family members and any other person or entity who might have information or records about the assets in the case.
Valuing assets
Once we identify the assets in the case, we set to work valuing them. If we want to ask the court to award you certain property in your Queens high asset divorce case, we need to be able to tell the court what those assets are worth. To do this, we employ a team of expert appraisers and financial experts.
We might need to employ an expert accountant to value a business. We may need to get your home or other valuables appraised. Sometimes, we need to find a way to explain the value of a pension or stock options. Whatever the issues in your case, we have years of experience handling high-asset divorce cases. Our team can work to value your assets fairly and in a way that empowers the court to rule in your favor.
Separate and marital property
Another thing we need to consider in Queens high net worth cases is the difference between separate and marital property. The court can divide marital property. Property is usually marital if either of the parties acquire it after the marriage.
If a party has separate property that they acquire before the marriage, in many cases, that person retains the property after the divorce without any compensation to the other side. This poses some questions as to the whether an item of real or personal property is separate or marital. It’s important to work with an attorney in order to prepare documentation for the court.
Alimony or spousal support
When a court decides alimony in a Queens high asset case, they consider the needs of each party and the resources of the parents. The court considers the length of the marriage, the age and health of the parties and the ability of each party to work. Although the courts provide a general alimony calculator, it’s just a general idea, and it doesn’t take all of the factors into account that a judge can consider.
Child support
In a high-income family law case, the court must make decisions about child support. In Queens and in all of New York, a child has the right to financial support from both parents until they reach age twenty one. The court has the option to take the high income of the parents into account when they fashion an appropriate child support order in the case.
This requires the court to inquire as to the needs of the children and the resources of the parents. There are also questions as to whether the court should order the parents to pay extra expenses such as college expenses or private school. An attorney can help you prepare arguments to the court to support your position.
Why work with an attorney
Our team of Queens high net worth lawyers know the special challenges that come with high-asset divorce cases. Discovering the assets in the case and tediously preparing evidence for the court can make a world of difference when it comes to achieving a fair outcome in your case. When you work with us, we handle the pressure for you as we work together to present your case in the best possible light. Our team is aggressive but fair. If you’re facing a family law matter in Queens or any New York court, we invite you to contact us today.
Can He Keep My Things Until After Our Divorce Is Settled?
When a married couple decides to get a divorce, each side will get a portion of the marital property. They will also generally get to keep any property that they brought into the marriage or bought with separate funds. However, your soon to be ex-husband generally cannot keep property that belongs to you alone.
A Complete Property Inventory Should Be Done
The first step in the property division process is to determine what is sole property and what is marital property. For the most part, sole property is any asset or interest in an asset obtained before the marriage. It may also be any asset that was inherited from a family member. In some cases, separate property may become marital property if funds are commingled, a spouse makes improvements to it or if it appreciates in value during the marriage.
Disputed Property May Be Kept Where It Is
If there is a dispute over a one or more items, they may need to stay put until the matter can be resolved. For instance, if he claims that a painting or a dining room set was purchased with money from a joint account, you may not be able to take possession of it right away. Instead, you may need to show a cancelled check or a bank statement establishing where the money came from.
Personal Property Can Generally Be Picked Up Immediately
Assuming that there is no dispute that an item belongs to you, you should be able to pick it up whenever you want. In fact, it may be best to take as many of your things with you when you leave the first time. This eliminates the chances that anything is sold, donated or otherwise thrown out before you can take it. If you can, make sure that you arrange a time when you can go through your things alone. Furthermore, give yourself enough time to go through your property thoroughly before you leave.
What Happens If Your Property Is Disposed Of?
In the event that your property is disposed of without your permission or an order from the court, you may be entitled to the cash value of that property. You may also be entitled to additional damages if you are unable to work or otherwise live a normal life without those items. For instance, if your car was donated or sold, compensation may be added for lost wages if you miss work or lost earnings if missing work led to your termination.
For the most part, you are entitled to claim your property whenever it is convenient to do so. However, if a judge orders you to wait for any reason, you must abide by that order. Talking with an attorney may make it easier to understand your rights and make it easier to get everything that legally belongs to you.
Can he claim adultery if he forgave me?
There are many issues that can bring a couple to divorce court and, in no-fault states, they don’t even need a reason for seeking the divorce. It can be enough to declare irreconcilable differences with both parties accepting that the relationship has been too damaged to ever be repaired. In some cases, however, there is a very definite reason for seeking a divorce, such as a cheating partner.
What is the Legal Definition of Adultery?
There’s no one right answer to that question, because each state can define adultery differently. For most states, sexual intercourse between one spouse and an individual other than that person’s spouse is the accepted definition. In other states, any sexual act between a married person and someone other than their spouse is considered adultery.
Adultery is the most common reason for divorces in the United States and even courts in no-fault states consider evidence of adultery in determining divorce settlements and child custody cases. In looking at cases of adultery, many courts even differentiate between a one-time affair and an on-going adulterous relationship.
In addition to qualifying as grounds for divorce, adultery is also considered a criminal offense in 20 states. Though adultery laws are rarely enforced, there have been cases when the charge has been brought against a defendant accused of committing other crimes related to the act. Traditionally, punishment ranges from a $10 fine to up to a three year prison term. In Michigan, however, adultery that stems from another criminal act is punishable by up to life in prison.
What Happens After the Husband Forgives an Unfaithful Wife?
While couples do divorce over adultery, there are times when they choose to work things out. For instance, an unfaithful wife may regret her decision to cheat one time and the husband, hoping to save the relationship, may forgive her infidelity. In that case, the husband is obviously hoping that it truly was a one-time incident and that it won’t happen again.
Suppose it does happen again, or that there are other issues keeping the couple from reconciling. In that case, the couple may end up seeking a divorce only a short time later. Under these circumstances, the husband can still file for divorce on the grounds of the wife’s infidelity. Even though he had offered his forgiveness, the original infidelity can still be grounds for divorce, whether she cheated again or not.
Suppose there are no other reasons for the divorce. Infidelity stirs some ugly emotions. Feelings of betrayal, mistrust, and jealousy are difficult to move past, especially where the unfaithful spouse’s presence may serve as a constant reminder. While the husband may have the best intentions of forgiving, forgetting is rarely as easy. Over time, he may find it impossible to trust again. Ultimately, he may decide a divorce is best for both parties and files for divorce, citing the infidelity as grounds.
In either case, the wife may feel hurt by receiving divorce papers citing her extramarital affair as grounds for the divorce, but there’s little she can do about it. Her best course of action is to contest the grounds of the divorce. Unless she can prove she wasn’t unfaithful, contesting the grounds for the divorce may not do much to affect the weight the court gives to the charges of infidelity. As one of the most powerful motives for divorce, it’s likely the judge will side against the cheater.
If you’re facing a divorce, the important thing is to recognize it’s better not to go it alone. This is the time to seek out professional assistance. An experienced divorce lawyer can help you confront your spouse in court and earn you the best possible outcome. Discussing the details with your lawyer, even in cases where you may be accused of infidelity, can help you understand where you stand. The first step is to contact a divorce attorney and request an initial consultation.
Divorce isn’t easy for most couples, and the actual breakup isn’t always the hardest part; in many cases, it’s severing financial ties and addressing child custody issues. For someone with a high net worth, divorce becomes more complicated simply because there’s so much at stake. There’s a lot of room for error in divorce, and for a wealthy couple, there’s even more potential for life-altering mistakes. While most people think money makes a marriage easier, that’s not always the case. In this guide, readers will learn which mistakes wealthy couples make during a divorce, and they’ll also learn how a high net worth divorce attorney can help avoid them.
Making Decisions Based on Emotion
Where divorce is concerned, a spouse may feel overwhelming guilt that leads them to make bad decisions. For instance, an unfaithful husband may give his wife the house, more spousal support than she’d normally get, and more than her fair share of the marital estate. While it may seem a bit cold, divorces must be treated like business dissolutions and decisions must be made with advice from financial and legal professionals.
Rushing to Get it Over With
Spouses often say they want their divorces to go as quickly as possible. There are two reasons behind this: they’ve met someone else and they want to move on, or they simply can’t stand being around the other person anymore. Where there’s no physical violence involved, it’s not wise to divorce in a hurry. When couples do this, they may make serious financial mistakes that, once done, can’t be corrected.
Concealing Assets
It’s quite common for spouses, especially high earners, to hide assets in order to cheat the other spouse out of their fair share during a divorce. Typically, assets are transferred to friends, children from previous marriages, and business partners. When a spouse hides assets, they’re usually considered fraudulent and they lose credibility in court. In most instances, hidden assets are later found, and it’s simply not worth the enormous risk.
Not Thinking About Tax Consequences
When a couple gets a divorce, they should realize that most financial transactions have tax ramifications. For instance, if a spouse receives a certain amount of support, they have to pay taxes on it. If one keeps their 401(k) and they plan to live off its proceeds, withdrawals are taxed as income and they’re subject to a 10% penalty if taken before the age of 59 ½.
Not Understanding Assets
In most high net worth divorces, one spouse out-earns the other and the wealthier spouse knows more about marital assets. If you’re the low-earning spouse, it’s important to find out whether there are any assets you’re entitled to and may be unaware of.
Comparing Divorce Cases
When couples go through a divorce, they may hear all sorts of stories, both good and bad. However, every case is different, and you can’t expect to achieve the same outcome as someone else. Every case has unique factors, circumstances, and variables, and they all must be considered when setting expectations.
Making Decisions Out of Anger
Did your spouse leave you for someone else? Did they gamble away all your assets, or are they living a double life? No matter what they’ve done, it’s important not to let anger control your decisions. You can’t destroy your spouse’s belongings, you can’t spend all the money in the joint bank account, and you shouldn’t assault their new partner. When you allow anger to take over, it may lead to criminal charges and severe financial consequences.
Not Considering Collaborative Measures
Although it’s easy to pay for a divorce case if you have high net worth, that doesn’t mean going to court is always the best option. A collaborative divorce is cheaper, faster, and less stressful than a long, drawn-out court case. Even a high-net-worth individual has much to gain from a collaborative divorce, including greater peace of mind. The goal is to preserve marital assets and get the fairest outcome possible, and the best way to do that is to collaborate with your soon-to-be ex-spouse.
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If you’re considering divorce, consult a high net worth divorce lawyer early on. An attorney can advise you of your responsibilities and rights, as well as possible outcomes. Lawyers will help you navigate the legal system and make sound decisions in your journey toward a brighter and more secure future. Call today to get started.
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