Any divorce has its difficulties, but when it is a high asset divorce involving a high-profile couple, it adds several layers to what they must deal with publicly and privately. Regardless of the circumstances, many divorces have certain similarities and that is true whether the couple was prominent and had significant assets or it was a more low-key couple whose income and assets were limited. One factor that should not be ignored is the need to have legal assistance from the beginning of the case.
A New York divorce is complicated enough without the details being openly debated in the media and by outsiders who are not fully informed, but this is the reality with a high-asset divorce. New York has many people who are of significant means but are not necessarily household names. Those who have major wealth and have decided to part ways will often engage in a dispute over various items from the marriage. Such is the case with property interests and disagreements as to whether valuable properties like real estate should be part of the divorce or belong to one of the spouses alone. When there is a high-asset divorce, legal advice is critical.
Assets are a frequent topic for dispute in a New York divorce, especially when it is a high-profile couple with significant assets. Those assets can include real estate, retirement plans, valuable artwork, motor vehicles and much more. When the couple decides to end the marriage, there will inevitably be disagreements as to how the property is allocated. The concept of equitable distribution is one of the most important issues for the parties to consider. Given the frequency with which these issues are misunderstood, having a grasp of them beforehand is key to a successful resolution of the case.
When a wealthy couple's marriage gets rocky, they are faced with very similar issues and questions that any couple in this predicament would face. Either the couple will take steps to make the marriage work, or they will initiate the process to end the marriage. Although life isn't so black and white, those facing divorce often have many major decisions to make. For those with a great deal of assets to address, this can sometimes complicate the matter even further.
We do not realize how important some things are until we are in a certain situation. Consider divorce for example. Some people in New York would not think about protecting their assets, assessing their finances or even losing the things they worked hard to obtain. However, marriage and divorce bring about these thoughts. For these reasons, some couples decide to include a prenuptial or postnuptial agreement in their union. While a couple or spouse does not need to be wealthy to utilize these documents, it is a common and very useful document to have when going through a high-asset divorce.
When wealthy people marry, money tends to be the object of many issues. While the couple may not be worried about their finances in relation to affording certain purchases or paying the bills, it is likely a concern for the couple if they end up divorced. Protecting assets is a step many couples take, wealthy or not. A prenuptial or postnuptial agreement is a device used to not only protect certain assets but also help with the divorce process.
When young New Yorkers decide to get married, it is not uncommon for the future marital partners to have few assets to their names and only a modest amount of money in the bank. As individuals age, though, their overall wealth generally increases through work, savings and investments. When individuals choose to marry later in life they can bring a lot more money and a lot more property to the relationship.
Many New Yorkers have spent their lifetimes working hard and building up their wealth so that one day they may retire and enjoy a less stressful existence. From savings accounts to retirement plans to individual investments their financial assets may be just enough for them to leave their jobs and live off of their prior earnings until the ends of their lives.