High Net Worth Divorce in Queens
We Have the Experience to Protect Your Assets
For couples who have significant assets, divorce is a very uncertain time. Many people going through high net worth divorces are concerned about how their property will be divided and how alimony will be determined. Although the outcome of your divorce may not be clear at this moment, working with a lawyer who has experience handling high net worth divorces can ensure your rights are protected and your final agreement is fair.
Our legal team at Levi Divorce & Family Law Attorneys has years of experience handling complex property division, alimony, and other important factors in high-asset divorces. We know that complex divorces must be handled differently from a typical divorce. We can help you achieve a resolution that is in your best interests.
Working with Experts to Protect Your Interests
The division of a family business, business interests, stocks, and other complex property must be handled very carefully. When necessary, we work with financial experts and other professionals to make sure your assets are divided fairly. Combining our knowledge of the divorce process with their expertise ensures that we consider every aspect of your case when deciding how to approach your asset division.
Addressing Alimony in High-Asset Divorces
Whether you expect to pay or receive alimony, there is no question that spousal support is an important aspect of a high net worth divorce.
In New York, spousal support is determined based on several factors, including:
- The incomes of each spouse
- Each spouse's age and health
- Each spouse's contributions to the marriage
- The couple's lifestyle during the marriage
- The earning capacity of each spouse
What Happens to My Business?
In many high-asset divorces, one or both parties is a business owner. As a result, one of your first questions about your divorce may be, "what happens to my/my spouse's business?"
The extent to which courts consider businesses community property (and therefore eligible to be distributed equitably among both spouses) depends on various factors. If a business was established post-marriage, it may be considered a community asset in its entirety. Alternatively, if the business was created pre-marriage, however much it appreciated in value could be considered community property, but the business entity itself may remain the separate property of the founder.
Either way, most business owners find themselves having to give up at least some portion of their business to their soon-to-be-ex. There are several ways a business can be distributed:
- The business owner buys out whatever portion of the business their spouse owns, or offers them assets such as stock if they want to remain invested in the enterprise. This is a common solution when one spouse wants to retain complete control of the business and has the finances to do so.
- The spouses continue co-owning the business post-divorce. If both parties are invested in the business and can act in its best interests, this is a good way to ensure the business continues to thrive.
- The spouses split the business into two separate entities. This can be undesirable for several reasons, one being the creation of a new competitor brand, but it's an option if one spouse demands to retain the business brand and can't co-own with the other party.
- The spouses sell the business. This typically involved each party hiring a business valuation professional to assess the business's overall value, after which the parties must agree on a value and attempt to sell the business for that amount. They then divide the profits equitably.
- The spouses dissolve the business. This is typically a last resort if the parties can't agree on another arrangement.
Your spousal maintenance agreement determines the lifestyle you will have after your divorce. Our lawyers understand what is at stake and are ready to work for you. We strive to negotiate a settlement that meets your needs.
Custody & Alimony - Primary Concerns During High-Asset Divorce
Stories abound of exorbitant custody and alimony arrangements in high-asset divorces.
At the end of the day, the court's concerns in custody or alimony cases are simple:
- Ensure the child or spouse can maintain the same quality of life post-divorce they enjoyed during the marriage;
- Ensure the child's best interests are the priority.
Alimony and custody orders are not necessarily meant to provide the support recipient with a luxurious lifestyle. However, since they are meant to ensure the recipient maintains the same quality of life they enjoyed while married, prospective payors should prepare to subsidize the same kind of lifestyle for their ex or child post-divorce that they have maintained during the marriage.
It's worth noting that in custody arrangements, courts favor neither the father nor the mother in terms of deciding who gets support or primary custody of the child.
Additionally, prospective alimony payors should take that many spousal support arrangements are temporary and only last until the recipient can become financially stable.
Having a lawyer who will fight for your rights and the best possible outcome in your case is vital if you intend to file for a high-net-worth divorce.
Call our Queens high net worth divorce attorneys today at (718) 215-0121 for a free consultation.