Nassau County High Net Worth Divorce Attorney

attorneys representing a couple

Handling a high net worth divorce in New York requires experience and a solid understanding of complex financial issues. Ascertaining the value and relevant contributions to multiple properties, investments, business interests, and numerous accounts can complicate the distribution of marital assets. Tracing separate property, protecting inheritances, and locating all of the assets often requires incredible attention to detail. The best way to protect your property rights is to work with an experienced high net worth divorce attorney.

At Aiello & DiFalco LLP, we regularly guide clients in Nassau County and throughout Long Island with their high net worth divorces. When you meet with us, we will take the time to understand your circumstances, explain your rights and obligations, and guide you through the process. While going through the process, we will do our due diligence by obtaining records from your spouse, serving subpoenas on banks and financial institutions, or otherwise taking steps to track and trace all of the assets. With over 50 years of combined experience helping clients throughout Long Island, you can trust Aiello & DiFalco for your divorce matter.

What is High Net Worth Divorce?

A “high net worth” or “high-asset” divorce typically involves substantial assets valued at more than $1 million, in addition to the couple’s primary residence. The stakes are higher when dealing with millions of dollars in assets, so it is vital to work with attorneys who have handled matters involving 8-figure and 9-figure net worths.

A high net worth divorce may involve complex property and assets, such as:

Equitable Distribution and High Net Worth Divorce

Under New York’s rules of equitable distribution, marital property must be divided in a way that is fair and equitable. However, this does not always mean an equal 50/50 split, especially with regard to certain types of assets. Also, property that either party acquired before the marriage or that was acquired by gift or inheritance is considered separate property, not subject to division. Tracing separate property, particularly from inheritances, family business interests, or other complicated scenarios, can ensure that you are protecting millions of dollars in assets from distribution.

Identifying and locating all of the assets and determining their value in a high net worth divorce can be challenging. Dividing the marital property can become even more complicated if one of the parties attempts to conceal, transfer, or undervalue assets, which can damage that party’s credibility before the court. It is essential to work with experienced divorce attorneys.

Common Mistakes in a High Net Worth Divorce

In high net worth divorces, common mistakes often revolve around underestimating the complexity of financial assets and the intricacies of division. Couples may overlook hidden assets or fail to accurately assess their value, leading to unfair settlements.

Another mistake is neglecting to secure professional assistance from financial advisors or forensic accountants, which can result in inadequate asset valuation and distribution. Emotional decisions, such as seeking revenge or prioritizing short-term gains over long-term financial stability, can also hinder negotiations.

Moreover, insufficient documentation or incomplete disclosure of financial information can prolong the divorce process and escalate legal fees. Clear communication, thorough financial planning, and impartial professional guidance are crucial to navigating high net worth divorces effectively.

Why Are High Net Worth Divorces More Challenging Than Normal Divorces?

High net-worth divorces pose unique challenges due to the complexity and volume of assets involved. Unlike typical divorces, high net-worth couples often have extensive investments, properties, businesses, and trusts, which require meticulous valuation and equitable distribution. The presence of prenuptial agreements or multiple jurisdictions further complicates matters. Additionally, the involvement of specialized professionals, such as forensic accountants and tax advisors, adds to the intricacy and cost of proceedings. Resolving these divorces demands careful negotiation, expert guidance, and a comprehensive understanding of financial intricacies.

How Our Firm Can Help

The Nassau County high net worth divorce lawyers at Aiello & DiFalco will thoroughly analyze your marital estate through the discovery process. This includes reviewing financial statements, tax returns, bank statements, business accounts, and other financial records. 

We regularly work with accountants, appraisers and other experts to determine the value of properties, investments, and collectibles. We work closely with accountants to value business interests, trace separate property or determine if assets have been concealed or misappropriated. 

Above all, we will work to protect your property rights and negotiate a fair distribution of your marital assets. If an agreement cannot be reached, we will leverage our trial skills to protect your interests in court. With a solid foundation in understanding the complexities of high net worth families, we can properly prepare for potential litigation.

Child Support in a High Net-Worth Divorce

Child support determinations in New York are based on a formula up to the mandatory cap of $163,000. Clearly, in high net worth divorce cases, the income usually exceeds that cap. Going above the cap, the courts can consider a number of factors, particularly focused on the child’s needs and lifestyle, to determine how much additional child support should be paid. Understanding how a court may determine child support enables the attorneys at Aiello & DiFalco LLP to negotiate or litigate the issue of child support in such cases throughout Nassau County and Long Island.

Alimony (Spousal Maintenance) In A High Net Worth Divorce

Determinations about alimony or spousal maintenance in a high net worth divorce may depend on several factors:

  • Will the party seeking spousal maintenance receive assets from the property division that provide for their reasonable needs?
  • Is there a significant income disparity between the spouses?
  • Does the couple have a prenuptial or postnuptial agreement in place?

Whether you are the receiving or paying spouse, our experienced divorce attorneys will work to negotiate a fair and reasonable spousal maintenance agreement. 

Prenuptial and Postnuptial Agreements

At Aiello & DiFalco, we often work with business owners, executives, young professionals, and other high net worth individuals in Nassau County, to negotiate prenuptial or postnuptial agreements in order to protect their separate property assets. When an individual is coming into marriage with millions of dollars in assets, it is well worth the investment of time, money and energy in negotiating a prenuptial agreement to protect those assets. Most high net worth individuals have planned for many financial situations and a prenuptial agreement is just another planning document that is intended to protect your investments and all of the assets you have worked so hard to accumulate. 

When necessary, we have litigated the validity and enforceability of prenuptial agreements in New York high net worth divorce cases. Obviously, having a prenuptial agreement drafted properly will provide the most certainty in avoiding any litigation, but in cases where our lawyers did not draft the agreement, we have helped guide parties through litigation where the validity, enforceability, or effectuation of the prenuptial agreement may require expert guidance.

Contact Our Experienced Long Island High Net Worth Divorce Attorney Today

If you are involved in a high net worth divorce, you deserve the focused, dedicated and personalized representation we provide. We understand that divorce is never easy and high-asset divorces require careful consideration, discretion, and expertise. Our experienced Nassau County high net worth divorce attorneys are here to help. Contact our office to schedule a consultation.

Aiello & DiFalco LLP helps clients throughout Garden City, Nassau County, and the rest of Long Island with their high net worth divorce.