Robert G. Smith, PLLC

high net-worth divorce Archives

Tips for dividing your property in a divorce

Going through a high-asset divorce isn't an easy task, especially if the marriage was a longer one. You have to think about all the aspects of your life that have to unraveled from your spouse's life. One thing that you're going to have to split up is the property that you've amassed during the marriage. This process takes a lot of thought, but it also comes with a lot of emotions.

The impact of divorce on your credit score

In a high net worth divorce, there is a good chance that you'll have considerable assets to split, but you may also have a lot of debt. When you're trying to work through everything to end the marriage, you must remember that the decisions you make now can have a big impact on your future.

Know how to handle your high-asset divorce

A high-asset divorce can be a challenge to go through. You have to worry about all the normal aspects of divorce but you also have to deal with complex asset division. This can be difficult, especially if you don't have a full accounting of the assets that need to be divided. There are some cases in which one spouse might try to hide some assets so that they can keep them after the divorce.

Know what you can reasonably afford during property division

People who amassed a lot of assets during the course of their marriage will often have a complex time trying to divide everything if their union ends. These divorces require that you split everything up, but this often takes a lot of thought. Anyone who's in this position should take the time to think about what they can reasonably support when the marriage is over.

Court battles occur in the absence of prenuptial agreements

A high-asset divorce is sometimes challenging to work through because you have to think about how each division option is going to impact your future. One of the first things that we do when we work on a divorce that includes considerable property is find out if there is a valid prenuptial agreement in place. If there is, the terms of the agreement are what we will follow.

Divorce can negatively impact your credit so be careful

Many factors go into determining who is going to walk away with what assets in a divorce. It is imperative that anyone who is ending a marriage understands what is going to impact the settlement they receive. This is especially important in high-asset divorces because the stakes are serious.

Divorce involving valuable art collection causes New York stir

Divorce can be an ugly business. Anything charged with the emotions of ending a marriage has the potential to do more damage. Even when partners have come to terms with their emotional issues, many of the lingering problems with divorce come with sharing out the assets that were combined in the marriage.

Dealing with the division of a 401k

When significant assets must be dealt with in a divorce case, it is important for people in New York to ensure that every resource is thoroughly researched so that final ruling leaves neither side disadvantaged. One such resource is a 401k. Many go into divorce proceedings failing to realize that 401k contributions made during a marriage are considered to be marital property. Given the earning potential that funds in a retirement account have, the money to be divided from a 401k can ultimately be among quite high.

Ex-model tries to challenge her prenuptial agreement

Many in New York may think that asking their fiancees to work together to develop a prenuptial agreement signals doubt about the potential of their marriages to last. yet recent years have seen more and more couples enter into such agreements not expecting to get divorced, but rather to convey to their partners that they have no intentions of profiting off their marriages. In most cases, a prenuptial agreement will both allow the parties entering into a marriage to keep whatever assets they bring in and to stipulate the terms of a settlement should the marriage end. Those entering into them should understand what they are agreeing to in order to avoid being saddled with unfavorable terms. 

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Robert G. Smith, PLLC
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