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Facing a high-asset divorce in Suffolk County, New York

Divorce can be an incredibly stressful time for any couple, but for a couple with a high net worth, the stakes are even higher. Especially when one of the partners has a higher net worth than the other, protecting assets can be a critical challenge. 

If you are facing a divorce and concerned that your assets are at risk, you should inform yourself about your rights under New York law. Here is some information for facing a high-asset divorce in Suffolk County.

Asset division in a New York divorce

One of the most important things you should thoroughly understand if you are facing a high-asset divorce is how courts divide assets in New York. Generally speaking, New York law views property acquired during the marriage as marital assets. Therefore, the assets acquired during the marriage, including real estate, bank accounts, vehicles, boats, artwork and furniture are all considered marital property and therefore up for an equitable division.

Note that an "equitable" division does not necessarily mean equal. The court determines what is fair and equitable based on various specific factors under the law. Sometimes a spouse will try to hide assets during a divorce. In this case, it is important to consult with an attorney who may advise the use of a forensic CPA to track down the hidden assets.

Paying bills during the divorce process

New York law also provides for a type of relief during the divorce process known as pendente lite. This type of relief can help you pay your bills as you go through divorce. Pendente lite is a temporary ruling that allows you to maintain the financial status quo as your divorce proceeds. This can be especially important in high-asset divorces where you have a higher level of living expenses to maintain and the financial battle could prove challenging.

All divorces deserve an excellent attorney, but high net worth couples have an especially crucial need for experienced legal counsel. If you are facing divorce in a setting where high-value assets are at stake, do not take chances. Hire an attorney who has proven experience helping clients through high-asset divorces. 

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Divorce: a Practical Guide

Divorce: A Practical Guide

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