Queens High Net Worth
Queens High Net Worth Divorce Lawyer
When divorce seems like the only solution to marital problems, it can be daunting just trying to figure out where to start. It’s even more complicated for high-net-worth couples who have assets of at least one million dollars. These divorces require distinct attention because financials have to be scrutinized for the sake of dividing marital property between spouses. If you have children, it adds another layer of complexities to an already stressful high-net-worth divorce case. It is difficult to go through this level of divorce proceedings without the help of a divorce attorney.
The Law Offices of Robert Tsigler, PLLC, are available 24 hours a day, seven days a week, to answer your call. When new and existing clients in Queens, NY need legal advice or legal services, a family lawyer is always available, no matter what time it is. They have won countless cases and are prepared to support you in whatever way necessary, whether you need mediation, litigation, or legal advice. When you call on the Law Offices of Robert Tsigler, PLLC, you get more than a devoted divorce attorney; you get the entire law firm, well-versed in the intricacies of NY law. We can help you find the most appropriate route for your family to take on this difficult and stressful path, and we can make it easier and quicker.
Division of Marital Property
One of the most difficult parts of a high-net-worth divorce case is the division of marital property. Marital property is defined in NY as anything acquired by the couple during the marriage. Property and assets obtained before the marriage are separate property, as are gifts, inheritances, and a few other types of assets. Everything else is marital property and is split between the spouses according to equitable division. This does not mean half and half equal, but rather fair and evenly when weighed against other factors such as the length of the marriage, non-monetary contributions to the marriage, and the potential for earning following the divorce. Oftentimes when one spouse earns significantly more than the other, spousal support payments are part of the divorce terms, and child support is mandatory.
Trial vs. Mediation
You and your spouse will both save a lot of time, money, and stress if you can compromise and work things out outside of the courtroom. Mediation is the ideal way to approach a high-net-worth divorce case because it keeps the affairs of the divorce in the hands of the two parties. Otherwise, you’re allowing a third-party (the judge) to make important financial decisions on your behalf, and you’ll have little influence in those decisions.
Litigating publicly in front of a judge in court to dictate your settlement terms leaves little room for negotiation, whereas negotiations are at the heart of mediation. Of course, if you cannot agree on your divorce terms together, you will have to allow a judge to oversee your case and hope that it turns out in the most favorable way possible for both of you. Either way, it is strongly advised that you hire a high-net-worth divorce attorney or mediator.
Consult a Queens Divorce Lawyer
If your case goes to trial and your spouse has a lawyer, you don’t want to walk into court without your own legal representation. Your chances of an advantageous outcome increase exponentially when you have a family lawyer on your side. Parties cannot share lawyers in a divorce, nor can the same lawyer represent both of you. It is a conflict of interests and illegal. It is imperative that you hire your own Queens divorce lawyer, especially when high-value assets are involved.
When at all possible, it is to everyone’s advantage to settle high net-worth divorce cases outside of court. Even if you are leaning towards litigation, reconsider the consequences before making the decision to decline to compromise with your spouse.
Q: Who Loses the Most in a Divorce?
A: Men feel particularly stressed financially following a divorce because they tend to have more financial obligations, including child support, spousal support, and the cost of a new residence, as well as other financial burdens, but many women suffer more adverse economic consequences in general than men do following a divorce.
Q: How Do I Protect My 401k in a Divorce?
A: Financial contributions made to your 401k during your marriage are considered marital property and subject to division during a contested divorce. Ideally, your prenup would include a clause that excludes the funds from your divorce. However, you can keep your pre-marital contributions, and if you’re in agreement with your divorce, discuss a compromise or trade-off so you don’t have to split your 401k and incur the high taxes associated with that.
Q: What Is Financial Infidelity?
A: Financial infidelity occurs when one spouse intentionally lies to the other spouse about money. No matter if it’s a big or small lie, if it’s not true and it relates to the way you spend, save, earn, or give money, it’s considered financial infidelity. Many people in divorce try to hide assets, and this is a form of financial infidelity and is looked down upon by the courts during divorce proceedings.
Q: Do I Have To Give My Wife Half of My Savings in a Divorce?
A: Any accounts established after the marriage began, including savings accounts, must be divided fairly during the divorce. Marital funds that were saved after the marriage began are considered marital property and subject to equitable division. This includes retirement accounts, pensions, and your 401k. If you do not include financial accounts in your Statement of Net Worth, you will lose creditability in the eyes of the court, and your case will suffer.
Contact the Law Offices of Robert Tsigler, PLLC
Filing for divorce is never easy for anyone. You can get the legal support you need to get started right now by contacting the Law Offices of Robert Tsigler, PLLC. We will be conscientious and careful in assessing your high-net-worth divorce case and can advise you on the optimal strategy for your specific case based on your unique needs. Start divorce proceedings today by getting in touch with one of our experienced and knowledgeable high-net-worth divorce attorneys.
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