A High-Income-Worth Divorce Demands a Highly Qualified Attorney
High-Income-Worth individuals generally are well experienced at working with financial planners and advisers. They most likely have financial planners or stock brokers who handle investments and estate planning lawyers who understand their long-term financial goals with regard to children's education or care for a disabled family member. These professionals may not have been in the position to develop a plan addressing the complex marital breakdown.
High-Net-Worth Divorce and Financial Advisers
At an initial consultation in anticipation of divorce in a high-income/asset scenario, one of the first issues we will discuss is the identification of these key players in a couple's financial dealings.
It may be possible to tap into existing accountants' knowledge of a couple's total assets. Or it may be best to seek advice of outsider financial experts who can be more objective in evaluating equitable distribution proposals.
Preferably, they should be advisers with experience evaluating marital estates in anticipation of divorce, and who are knowledgeable when it comes to complexities such as QDROs for division of retirement accounts, business valuation, uncovering of hidden assets and avoidance of bad agreements that do not fully account for investments or the complexity of investment division.
Above all, it is important to understand that equitable distribution of marital assets may not appear to be equitable at first glance — but that with tax consequences in mind, the long-term effects matter more than the dollar amounts at the time of divorce. Family law attorneys with experience and confidence handling high-asset divorces are valuable resources for high-net-worth individuals preparing for divorce.
Contact a well-respected New York family law attorney at the offices of McCormack & Phillips, Attorneys at Law, in Rockland County. Our Nyack law firm is particularly well prepared to handle high-net-worth divorce cases in terms that are both fair and favorable to our clients.
