Brooklyn, NY – Some couples who have been married for a long time and have large amounts of assets and property shared between them can have special concerns if a separation is imminent. These types of divorces are usually much more lengthy and detailed to complete, mainly because of the property division phase which can take months or years depending on a number of different factors. Lawyers who work in family law usually refer to these kinds of situations as high net worth divorce because of the amount of personal and real property involved.
Beginning a divorce
The process to start a divorce under New York law does not change regardless of the length of the marriage or property involved. As long as residency requirements are met, the couple can separate based on a no fault divorce or traditional fault based grounds. The initial filings should be completely with the help of a family law attorney, and the formal divorce proceedings will start shortly afterward.
Special concerns when property and high net worth is involved
There are a number of issues that couples with large amounts of assets and property will have to give special consideration that may not be relevant to couples who were only married a short time and obtained less items jointly. It is also generally accepted that wealthier couples are more likely to divorce than couples with normal means over time.
The process to classify all property as either marital or nonmarital before it can be divided can be lengthy and contentious if there are a lot of shared items. A court will have to go through each individual piece of property that the couple cannot agree upon, which can obviously be time consuming.
There can be significant issues with retirement benefits and handling social security payments if the couple is older when they are separating. A professional who deals with benefits may have to review the total amount that the couple will receive and split it if they are both above retirement age. This can become complex depending on the numbers involved, so it is best to ask a legal professional about specific numbers.
Increases in the value of property are also considered by a judge when they make an equitable property distribution. This means that the increases in value that occurred during the course of the marriage can essentially become property that must be shared and liquidated at times. It is difficult to track and calculate when large amounts of property have been kept for years or decades.
Speaking with a lawyer to prepare for a divorce and related issues
Anyone who is about to go through the formal separation process should get legal assistance to ensure that their rights are protected. Elliot Green Law Offices is a respected firm in the Brooklyn area that focuses on family law cases.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201