Although a divorce can be complicated under the best of circumstances, it may be more complicated when one or both individuals have a high net worth. Such situations involve large amounts of financial assets, property, and often, business ownership interests.
If you need help with this kind of divorce, consider contacting an Albany high-net worth divorce lawyer from Tully Rinckey PLLC. Our court-tested legal team can review your property situation and advise you on how to achieve the best possible income from any property distribution.
Generally, Albany courts divide marital property as equitably as possible during a divorce, in accordance with New York Domestic Relations Law §236. In addition to considering factors such as income and length of the marriage, courts may also consider the following factors that may be of special interest to those of high net worth:
A high-net worth couple may have different types of property whose sale could result in a large tax burden. A court may consider these tax consequences before ordering such a sale or distribution of marital property. A high-net worth divorce lawyer in Albany can provide further information on property distribution and tax consequences.
In some instances, the former marital partner in a high-net worth divorce may claim that they supported their spouse’s career and should be compensated accordingly.
A high-net worth individual’s increased earning capacity during the marriage could be a factor in property distribution, depending on the extent and nature of the other party’s contributions. If that increased earning capacity resulted mostly or solely from the high-net worth individual’s own efforts, a court may decide that it should not factor into property distribution, however, compensation may be obtained through claims of support.
A high-net worth individual may have achieved substantial success through a significant promotion that resulted mostly from their job performance, rather than contributions made by the other party in their marriage. In such a situation, a court in Albany may decide that any resulting increased earning potential is not subject to equitable distribution, but could be compensated through a claim of support.
High-net worth individuals often have unique concerns when filing for divorce. They may be unsure of how their property interests could be divided, as well as whether they would need to pay spousal maintenance—and if so, how much.
An Albany high-net worth divorce lawyer can help answer these types of questions by reviewing your case and providing you with your best legal options. They can also help secure legal and other expert resources you need to ensure you make informed decisions about your property.
If you are a high-net worth individual in need of legal assistance during your divorce, do not delay. Call the local Albany office of Tully Rinckey PLLC today at 5182187100. We are also available via email at info@tullylegal.com.
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