Catharine M. Venzon Divorce Law Blog on Lawyers.com

Although all couples moving through marriage dissolution in New York follow a similar legal process, that process is more complex for couples with a high net worth.

The object of a high asset divorce is not only to smooth the path for couples and their children to begin a new chapter in their lives, but to protect hard-won assets and financial security—while avoiding a significant drain of energy and money through bitter divorce battles and legal fees.

While spousal support and visitation rights require the assistance of an experienced lawyer, divorcing individuals with a high net worth should be careful to retain a law firm skilled in the division of complicated assets, including the following:

• Substantial pension and retirement plans
• Multi-state real estate, business, and other property interests
• Offshore accounts, stock options, inheritance, and royalty income
• Intellectual property including patents and copyrights

New York State follows a rule of equitable distribution. Equitable distribution means the court divides marital property equitably, with fairness in mind, rather than a pure 50/50 split.

Most capable and experienced attorneys who handle high asset divorce understand such issues as the valuation of assets, tax consequences, debt management, and even the value and costs of professional degrees. Often various factors have to be taken into account, such as when one party has accrued significant employment income, while the other partner has received a substantial personal inheritance or other property.

Employing forensic accountants and other specialists, legal counsel can review and provide guidance on the following issues:

• Equitable division of debt
• Potential tax consequences of asset division
• Vocational and business valuation and assessment
• Division of retirement and other income accounts
• Strategic structuring of payout settlements
• Child and spousal support distributions
• Assignation of marital and separate property

Divorce is an emotionally distressing process. Working with an experienced lawyer can allow high worth—and high profile—couples retain their privacy and their profits during a difficult and frustrating time of life.

Experienced family law attorneys in New York

The family law attorneys Buffalo NY at Venzon Law Firm, PC have assisted clients and their families throughout Western New York with all aspects of family law for over 27 years. If you have questions about high net worth asset division, child custody, or divorce—we can help.

Venzon Law Firm, PC
300 Delaware Ave
Buffalo, New York 14202
(716) 854-7888