Robert G. Smith, PLLC

High Asset Divorce Archives

How businesses may be treated in a divorce

As New York residents may know, some divorces are more complicated than others. Business owners may be faced with additional issues during the property division phase. Some might be mistakenly under the impression that the business is held apart from the divorce settlement, but in fact they are treated in many ways the same as other assets.

Preventing fraud in a divorce

New York couples who are facing the end of their marriages may also have to deal with the possibility that one spouse may be concealing assets from the other. In a high asset divorce, there may be more places to hide these assets because the complexities of the couple's financial life offer a number of opportunities for financial fraud.

A high asset divorce often requires a forensic accountant

Asset valuation is often a factor when a New York couple's marriage is coming to an end. While most couples who are going through a divorce are of comparatively modest means, there are a great number who own significant assets that might be part of the marital property dispute. Often, those with large assets are high-profile couples who are well-known and prominent. When they divorce, it is often played out in the public eye.

New insurance products protects divorced spouses

Sometimes, New York judges order the party who is responsible for paying child support to have a life insurance policy on him or her that will provide proceeds to the custodial parent if he or she dies. However, most courts have not thought of the possibility of the paying spouse becoming disabled and being unable to continue with child or spousal support payments.

Managing finances before and after divorce

Balancing the budget for a New York household can be challenging, but after a divorce, the use of divided assets to manage a single lifestyle can become even more difficult and costly. Although many individuals wait until a divorce is finalized to begin planning financially for the future, the ideal time to begin preparations is actually before starting divorce proceedings.

Divorce and Social Security spousal benefits

Some New York residents may have heard about the rumored divorce between Hollywood power couple Ben Affleck and Jennifer Garner. According to multiple sources, the couple is preparing to end their marriage that has lasted for nearly 10 years. Since they are not waiting until that milestone has been reached, they will be forfeiting some Social Security spousal benefits they may have been able to claim in the future, although those benefits will not likely matter to them, given their current high net worths.

Prepare for divorce financial considerations

It may be difficult not to bring emotion into the financial aspects of ending a marriage, but New York residents may work in their own best interest when they take the time to prepare and do it right. Being in a hurry to get the divorce papers signed can have a long-term detrimental effect on a person and their children.

Spouses need to follow procedures to split up 401K benefits

In divorces, 401K plans are treated as marital property to be split between spouses. The amount that each person receives depends on the couple's agreement and state and federal laws. The terms of 401K division should be recorded in Qualified Domestic Relations Orders, given to divorcing spouses by plan administrators. These forms need to be filled out a certain way and signed by judges and plan administrators to be valid. Attorneys on both sides should have these documents when exes plans to negotiate on 401K terms.

Beneficiary designations and the divorce process

People who are going through a divorce in New York often have a host of paperwork to manage, but one thing that is sometimes forgotten is a change in beneficiary designations on life insurance policies, retirement accounts, and other investment vehicles. In many instances, estranged spouses will be listed as the primary beneficiary, and if this designation is not changed, they will remain so.

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Robert G. Smith, PLLC
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