Brooklyn, NY – When a couple has a large amount of money, property, and other assets that will be distributed by the courts during a divorce, they may be considered a high net worth couple. American news is often filled with stories of celebrity couples who take years to sort out all of their divorce issues.
These individuals often have special concerns that do not arise in many other divorce cases. It is important for anyone facing the prospect of a high net worth divorce to consult with a law firm that has significant experience in these matters.
Why are high net worth couples likely to have additional divorce problems?
One of the most important and highly contested aspects of a divorce is property division. Both spouses and their attorneys will argue to keep what they believe is rightfully theirs, and if multiple properties, businesses, and investments are present, this process can take months or years. Even items like pensions and licenses to conduct certain types of businesses may be considered marital property in some cases.
All property is classified as either marital or nonmarital before a judge can take action dividing the item in question. Having an attorney who is experienced in this process can be a great asset for one party if they understand this process, state family law statutes, and the local court system
Payments to the other spouse in the form of child support or alimony can also become very large after a high net worth divorce. Being subjected to these payments for years can have a huge impact on the finances and lifestyle of the person required to make the payments.
An important aspect of high net worth marriage and divorce is also to have a prenuptial agreement in place when the marriage starts. These are more common among high net worth individuals, as they likely have more assets that need protection. However, for a premarital agreement to be considered valid, it must follow state law and be presented to the other spouse in a reasonable amount of time before the marriage to prevent duress or undue influence. There also must be sufficient disclosures to the other spouse regarding the extent of the amount of assets involved.
Sometimes, one party to a divorcing couple may be able to get a prenuptial agreement invalidated if it does not follow all of these rules.
Filing for a divorce or talking about other family law problems
Individuals who are having problems with their family can get help from a licensed attorney in Brooklyn. Local clients can get professional advice and representation from Elliot Green Law Offices.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201