The natural assumption in New York is that the more money a couple has on the table, the more likely they are to fight over assets. One divorce attorney told Business Insider that the opposite is true. Couples worth $5 million or more tended to fight less compared to couples that are worth even $1 to $5 million.
When couples are going through a divorce in New York, one of two situations commonly play out. A spouse may take to social media to air the dirty laundry or speak badly of their spouse. Another scenario is that rather than discuss their spouse, they may talk up their new life and discuss what progress they have made since the separation. Both of these may have negative consequences.
When it comes to high asset divorces, financial honesty is the name of the game. Spouses that misrepresent how much they earn or possess in assets can end up with a stiffer asset division or increased child support or alimony payments. While some New York spouses try their best to conceal their wealth, sometimes it can slip out on social media, not just on Facebook or Instagram, but through other modes of digital communication.
While not always the case in New York, high-asset divorces often coincide with very public separations. Wealthy couples often play key roles as community leaders from a commercial, political or entertainment standpoint. Because there is so much at stake, these divorces are arguably far more likely to be messy.
Divorce means radical change to your financial situation, including how you plan your retirement in New York. If you and your spouse are calling it quits, now is a good time to reevaluate your retirement portfolio, especially if your spouse had heavy involvement in your financial retirement decisions. The circumstances of your divorce plus the fact that you will have to make your investment choices on your own can dramatically impact how your retirement turns out.
Some married couples may own and run a business together. But when a couple in New York decides to split, the business they own could end up being sold with its proceeds split between the spouses. If you are facing divorce and want to save your business, you may consider asking your spouse to sell his or her interest in the company. However, such a request might not be easy and may involve some negotiating to make it happen.
Couples in New York who are of a high-net worth may be at greater risk for divorce. A number of factors may determine the chances of a couple staying together, and money can even be a factor in how amicable the divorce proceedings are.
Divorces that include one or more New York businesses are often teeming with complications. Even if both parties want the split, dividing the assets equitably often comes down to proper valuations of each company. At the Arnel Law Firm, our experienced team understands the added stress and unique issues that often accompany complex high-asset divorces.
When you and your spouse decide to divorce in New York, dividing the estate fairly may be one of the biggest concerns. This is especially true if the assets are significant or numerous, from brokerage accounts to vacation homes and businesses. The situation gets messy if the proceedings are not amicable. However, even if both parties want the split, sorting through the financial situation can be challenging.