High Net Worth Divorce Cases have issues that are unique compared to more typical divorce cases. If one spouse is a high income earner and the couple have significant assets, how the assets are valued and distributed will have major consequences on the financial outcome of the case for both sides.
Clearly the issues of the application of the child support formula as well as determining maintenance are of concern for a high income family. The child support formula is routinely applied on income in excess of $136,000 but at what point should the formula cease to apply? How much spousal support is enough? These important questions are just the beginning of the inquiry in a high net worth divorce case.
If a spouse owns or has an interest in a business the valuation date may be critical. Usually an active business interest is vauled when the divorce summons is filed based on the idea that the economic partnership has ended upon the start of the divorce case. However, the court has discretion in setting the valuation date.
How financial or business assets are identified and appraised will have a major impact on the divorce settlement. Is the appraiser a court appointed neutral and even if so, has the job been done properly? Will the client benefit from hiring his own appraiser to challenge the conclusions of the independent appraiser?
Is one year's income unusual and due to special circumstances that are not going to be repeated? Likewise, will there be a substantial change in income in either direction during the divorce due to a unique situation?
Only a highly experienced divorce attorney can guide a family with substantial assets and income through the complexity of the divorce laws in New York. Our firm has been providing quality representation to the community for over 24 years and the partners in the firm all have over 30 years of experience. Please call our office so that we can share our experience and advice to help you resolve your marital problems.