Financial stress is one of the main reasons people divorce in the United States. That’s no surprise as a recent report indicated that 13% of divorcees who had student loans blamed the debt associated with them on their failed marriages. Divorcees in New York probably are aware that more money in a divorce can lead to more stress but may know about all the intricacies that are involved in a high net-worth divorce.
Access investment accounts
When going through a divorce, especially one where a large number of assets will be divided, it is vital to gather information about all investment accounts. Even if you aren’t typically the partner who handles these accounts, when going through a divorce, you need to familiarize yourself with the information associated with them to ensure that you receive what rightfully belongs to you after the divorce is final.
Retirement accounts
Most states consider retirement accounts as “marital property,” which means your spouse will have some legal rights concerning a retirement account that is only listed in your name. There is a variety of different retirement accounts, and they typically require different types of documentation and division in divorce court. Take the time to gather all the information about your specific retirement accounts to ensure that you can keep as much of this money as possible.
Consider taxation
While it is easy to believe that selling stocks, securities and other assets is the easiest way to divide them up, there may be ramifications. Depending on the types of assets being sold, there may be capital gains taxes that have to be paid. Speak to a financial professional to decide the best course of action when selling or dividing these assets.
A high net-worth divorce can carry its own set of complications. However, an attorney can help guide a person through the process to ensure that he or she receives everything to which he or she is entitled when the official divorce decree is handed down from the court.