Brooklyn High Net Worth
Divorce Lawyer
Brooklyn High Net Worth Divorce Attorney
High-asset divorces in Brooklyn are divorces in which one or both spouses have at least one million dollars in assets. These cases are much more complicated than other divorces because the division of assets is often a difficult and complex process. High-asset divorces also have to address the typical components of divorce, including spousal support and child support, and custody if children are involved.
A family lawyer is an important resource for couples going through a divorce, especially in a high-net-worth divorce case. These cases can often be handled in mediation if the couple can come to an agreement concerning the division of marital property; however, more often, they are emotionally charged and frequently require quite a bit of deliberation and litigation before they are finalized. An experienced divorce attorney can help facilitate legal proceedings and eliminate stress and complications throughout the process.
The Law Offices of Robert Tsigler, PLLC, focuses on family law and high-net-worth divorce cases. The experienced family lawyers at this established Brooklyn firm are committed to providing the highest quality legal services to their clients 24 hours a day. With many successful high-net-worth divorce cases completed and many satisfied customers, they are prepared to support you in your divorce case and provide top-notch, aggressive litigation, if necessary.
Child Support in High-Asset Divorces
New York law regarding child support states that a child is entitled to share in the standard of living and income of both parents. Child support is the money contributed by the non-custodial parent and is determined by a complex formula according to NY’s Child Support Standards. It is calculated by net income minus deductions, including spousal and child support paid for other marriages and children. Both parents’ net incomes are then added together, and that number is multiplied by a percentage of the number of children they have. For one child, this number is 17% (multiplied by both parents’ net incomes added together); 25% for two children; 29% for three children; and so on, at a max of 35% for five children or more.
That amount is then divided by each parent’s proportion of net income to the combined net income. This value is the amount of the child support payment; however, additional childcare, educational, and medical expenses may also be required.
In Brooklyn, both parents have a legal and financial obligation to support their children until they are 21 years of age. The current cap on child support is $163,000, a $9,000 increase from the previous cap. This does not mean all high net-worth divorce cases will have a court order for child support payments of this amount. It does mean that no matter what the child support calculator determines a parent’s child support payment will be, they will not be ordered to pay more than the max amount stated above.
Division of Marital Property
Both parties in a divorce must submit a Statement of Net Worth to the court. This is a sworn document that must be true and accurate, and notarized. It is a detailed account of all income and expenses. It must include all assets, debts, property, etc. The Equitable Distribution Law recognized in NY considers marriage as both a social and economic partnership and requires a judge presiding over a divorce to divide the marital property equitably, not necessarily evenly, between the two parties.
Spousal Support
Also referred to as alimony or maintenance payments, spousal support is common in high-net-worth divorce cases. It is a court-ordered amount of money that an ex-spouse is required to pay the other spouse following their divorce. It is not automatic or something that every divorce includes. Another type of spousal support is temporary maintenance, which is only paid during contested divorcees while the action is pending in court.
Spousal support is required when one spouse’s income is significantly higher than the other’s and is often available when the paid spouse has limited earning potential, the marriage is significantly long, there are large income gaps, or the non-financial contributions to the marriage prevented the paid spouse from establishing income opportunities.
High Net Worth Divorce FAQs:
Q: What Is Marital Property?
A: Marital property includes all assets acquired or property bought during the marriage, no matter whose name is on the property. This includes pension plans and retirement plans. What isn’t included in the marital property is assets obtained before the marriage, inheritance, personal injury payments, or outside gifts. These are considered separate properties.Q: How Do I Split My 401k in a Divorce?
A: Portions of a 401k that were earned during the marriage are subject to division in divorce, but to split a 401k, you must get a court order first. Therefore, during a divorce, a couple can agree to the details of dividing a 401K, but splitting it is contingent on a judge’s approval.Q: How Much Wealth Do Men Lose in a Divorce?
A: Most men experience a drop in their standard of living of anywhere from 10% to 40% after a divorce. The cost of child support, a separate living residence, and the potential loss of the ex-spouse’s income add up. Men who contribute less than 80% of the family’s income have the most significant decrease in living standards.Q: What Acts Constitute Divorce in NY?
A: The following reasons are legal grounds for divorce in NY (you only need to prove one): abandonment; adultery; three consecutive years in prison; living apart with a separation agreement, judgment, or decree; cruel and inhuman treatment, or a six-month minimum irretrievable breakdown in the relationship.Call On Professional Legal Help Available 24/7
When a marriage breaks down, it’s hard enough to deal with the stress on the family, finances, and other realms of life. You shouldn’t have to deal with the stress of legal proceedings and property division laws. Call the Law Offices of Robert Tsigler, PLLC, 24/7, and schedule a consultation, so you can focus on your family while going through this difficult time. Our dependable and experienced law firm can handle your high-asset divorce and can save everyone involved time, money, and the added pressure of going through divorce alone.
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