Property division is a necessary part of divorce proceedings. Divorce cases involving substantial amounts of assets and property may require extensive investigations regarding each spouse’s finances and a careful consideration of how to divide their wealth. Ingrid Gherman is a divorce attorney who is experienced in handling complex, high-asset cases. With meticulous attention to detail and assertive negotiation skills, she works tirelessly to protect the economic interests of her clients. As a New York City high-asset divorce lawyer, she focuses on understanding the individual needs of each client in order to aggressively pursue an outcome that protects their future.Important Considerations in High-Asset Divorce Cases
For high net worth individuals and couples, dividing a large amount of assets and property will often complicate the divorce proceedings. One of the first steps in divorce proceedings is the exchange of financial information concerning each spouse. A Statement of Net Worth is a sworn document detailing an individual’s finances. It includes a description and a value of income, expenses, presently held and recently transferred assets, liabilities and debts, and other data. It is primarily used to determine equitable distribution and support obligations, since the standard of living enjoyed by the couple is essentially demonstrated through their expenses and finances.
In New York, each spouse is required to file a Statement of Net Worth in a contested divorce case, as well as uncontested divorces when one or more issues remain in dispute, such as spousal maintenance or child support. Individuals with diverse property holdings and multiple sources of income may greatly benefit from guidance by a high-asset divorce attorney in New York City when they are completing and filing the document. A lawyer will be familiar with the various forms of property and asset valuation, and they can ensure that the Statement of Net Worth is accurate and complete.
In general, each spouse will retain their own separate property after a divorce, while the marital property will be divided equitably. Equitable division is a fair (but not necessarily equal) allocation of the marital property, determined upon a consideration of many factors. In New York, marital property is broadly defined, encompassing all of the property, income, and assets acquired during a marriage, regardless of ownership title. Separate property is property acquired by one spouse prior to the marriage, as well as property inherited or gifted to one spouse individually during the marriage. It also includes any increase in the value of the separate property, property received in exchange for separate property, and any other property that the spouses have agreed is separate property.
For high net worth individuals, researching and tracking any exchanges of separate property during the marriage and distinguishing separate property from marital property may be essential to preserving their individual wealth after a divorce. If your spouse and you do not agree as to the classification of certain property as marital or separate, your divorce attorney can defend your position during mediation or subsequent litigation. Settlement negotiations regarding property division often require choosing between selling a particular asset and splitting the proceeds, or distributing the asset in-kind to one spouse in exchange for something else. An attorney can guide you through these decisions and inform you of any relevant considerations that would further your financial security after a divorce.Protect Your Financial Interests by Retaining a High-Asset Divorce Lawyer in New York City
If you have concerns regarding the financial impact of your divorce, you may benefit from the advice of a lawyer. New York City high-asset divorce attorney Ingrid Gherman represents people in many types of family law and divorce cases. She can assist you if you need a property division lawyer or guidance in issues related to child custody and visitation rights, spousal maintenance, prenuptial agreements, domestic violence, and many other matters. Ms. Gherman can advise and advocate for clients throughout Manhattan, the Bronx, Brooklyn, Queens, and Staten Island, as well as in many other communities throughout Westchester, Rockland, Orange, Nassau, and Suffolk Counties. Make an appointment online or by calling (212) 941-0767 if you want to find out more about our services.