Mistakes to Avoid in a High-Asset Divorce
Long Island divorce attorney protects your future financial stability
Financial success carries many benefits, but it can make the marriage dissolution process more of a challenge. High-net-worth couples in Long Island and other parts of New York frequently find themselves engaged in costly divorce litigation, and even the most accomplished spouses commit errors that hurt them for years after the marriage ends. At Bryan L. Salamone and Associates, P.C., our attorneys warn spouses about the mistakes to avoid in a high-asset divorce and deliver strong advocacy based on each client’s circumstances and goals.
What is considered a high-asset divorce in New York?
A general guideline is that a breakup where at least $1 million in property is at stake is considered a high-asset divorce. However, the exact value of the marital estate is not really important. If you and your spouse have substantial holdings, such as sophisticated investments, business ownership, vacation properties and valuable artwork, you should work with an attorney who has experience successfully guiding clients such as yourself through the New York divorce process.
How is a high-net-worth divorce different?
There are numerous reasons why spouses who possess substantial assets are more likely to have a complex divorce that requires special legal attention from an experienced attorney. High-net-worth couples are more likely to have assets that are difficult to value, such as art, antiques, business shares and sophisticated investments. A mistake that seems slight, such as a failure to obtain a proper appraisal or an offshore account that is overlooked, can have severe consequences. More marital property typically means that negotiations regarding the distribution of assets and debt will be longer and more intense, with a greater chance of winding up in litigation.
Mistakes spouses make during high-asset divorces
Once you make a costly mistake in a high-asset divorce, the negative consequences could linger for years without any possibility of correction. That’s why it is critical to avoid common errors such as the following:
- Failing to investigate potentially hidden assets
- Accepting an unfair settlement in order to end the divorce process
- Overlooking retirement needs and assets
- Agreeing to a spouse’s valuation of specific items without consulting an expert
- Making decisions based on emotion
- Failing to keep track of assets and transactions
- Ignoring the potential tax consequences of proposed property division terms
- Neglecting to consult an attorney to review the validity of a prenuptial or postnuptial agreement
- Failing to protect business ownership interests
- Allowing a spouse to make significant financial moves using marital assets
- Holding on to unrealistic expectations about property division
- Using the divorce process to punish a spouse for their misconduct
Each divorce has its own unique risks and opportunities, so it is important to get knowledgeable counsel regarding your particular situation.
How do you protect assets ahead of divorce?
Working with an asset division lawyer at our firm is the best way to develop a strategy aimed at safeguarding what is rightfully yours. Negotiating a prenuptial or postnuptial agreement can be an extremely effective method of defining separate property and how marital assets are to be distributed. If you are headed toward divorce and it is too late for a marital agreement, we can advise on measures that can strengthen your position, such as establishing separate accounts, creating a detailed financial inventory, obtaining individual credit cards and preserving relevant documents.
Speak with a New York attorney about your high-asset divorce
Bryan L. Salamone & Associates, P.C. represents clients throughout Long Island in high-asset divorces. Our attorneys have the skill and experience to handle the most complex cases and have delivered exceptional results in cases like yours. To make an appointment to discuss your particular concern, please call 1.631.479.3839 or contact us online.