Carton & Rosoff PC-Attorney at Law

Resolving disputes creatively

Tips for high asset divorce

If you're in the midst of a divorce, you might find it to be an emotional, costly and complicated process. Each divorce is unique with its own set of circumstances and difficulties, but high asset divorce has its own set of challenges.

In every case of divorce in New York, assets are split in a fair and equitable way, but there's more to consider when higher assets are involved. The benefit of a high asset divorce is that there's more money to divide, but the downside is it can be more complex financially. High asset divorces may include multiple bank accounts, trusts, large investment portfolios, high value collections or even joint business ownership.

If you're at the beginning of a high asset divorce, there are a couple of things you'll want to do:

  • First, obtain legal counsel. Each spouse will need an advocate to protect their interests, their portion of the assets and their quality of life. Both spouses have the right to assets acquired during the marriage, even if one didn't generate regular income. An attorney will identify all assets and complex business issues, determine any potential tax implications and establish the value of real estate, investments or expensive collections.
  • Second, identify the assets. Of course, there are the obvious assets like the house, cars and boat, but others like financial portfolios may need to be discovered. A discovery process can be done to find and identify financial asset information. Be sure to carefully review the information to catch inconsistencies or potential exclusions. While hiding assets isn't legal, it does happen. If a spouse is hiding assets, it could mean money held in another's name, money invested in an art collection or otherwise.

Things are complicated in divorce, especially when so much is at stake. The determination of who gets what is often left to the family court, so legal counsel will help you secure what's rightfully yours and help you to protect your hard-earned assets.

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Carton & Rosoff PC
150 Grand Street, Suite 305
White Plains, NY 10601

Phone: 914-949-6700
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