Suffolk High Net Worth Divorce Lawyers
It is our mission to provide our High Net Worth divorce clients with exceptional legal counsel from prior to commencement to post-judgment litigation and we are proud to be recognized as a best divorce lawyer in Suffolk County for High Net Worth divorces.
Litigating a divorce is a traumatic event for anyone but parties face different struggles when litigating a high net worth divorce. High earners who have often dedicated themselves to rigorous education and demanding hours will face the prospect of loss of the wealth they have generated over years of work. Their spouses will face the fear of losing the standard of living provided by the high earning spouse.
What is a High Net Worth Divorce in New York?
The term “High Net Worth Divorce” is not defined by statute or any other law. Instead, a High Net Worth divorce is a divorce in which one or both parties are high earners or in which the parties have high value assets. Generally speaking, a high net worth divorce is one in which marital assets of the parties exceeds several million dollars. Our high net worth divorce lawyers can help.
What makes a High Net Worth Divorce different on Long Island
In a New York divorce, child support and maintenance awards are calculated, at least preemptively, based on various formulas set forth in the Domestic Relations Law. In high earner divorces, the courts have tremendous discretion in the amount of support to be awarded. To that end, New York is a tremendously diverse state economically. Not surprisingly, the economic disparities of each region manifest themselves in high net worth divorce litigation. In upstate counties or regions with a lesser cost of living, the divorce courts are usually less generous with child support and alimony (maintenance) awards. Similarly, a lesser-earning spouse may receive a potentially reduced equitable distribution award or counsel fees when litigating a case upstate. Conversely, High Net Worth divorces in New York City and Long Island generally yield higher child support and maintenance packages, as well as greater equitable distribution awards and counsel fees.
A well-versed lawyer experienced in high income cases can demonstrate to the court the proper amount of income to be utilized for support calculations and the appropriate amount of support to be awarded in light of various factors.
Common Issues and Mistakes in New York High Net Worth Divorces
Common assets litigated and distributed in High Asset Divorces in Suffolk County include:
- Retirement accounts such as 401k plans, pensions and IRAs
- Employment benefits such as stock options
- Professional practices (including medical offices and law firms)
- Closely-held / family-owned businesses
- Real estate including vacation homes, condominiums, coops and rental properties
- Financial assets such including, stocks, stock options, bonds
- Bank accounts (including bank accounts in Switzerland, the Cayman Islands)
- Antiques
- Cars, boats and other vehicles
- Jewelry
- Wrist Watches (including such brands as Audemars Piguet, Rolex, Patek Philippe, Cartier, Vacheron Constantin, Omega, Tag, Heuer, Blancpain, Jaeger-LeCoultre, Breitling)
- Art
- Coins
- Stamps
- Private jets
- Cryptocurrency including Bitcoin, Ethereum, Dogecoin, etc.
- Fine wines
Litigants frequently want to resolve cases as quickly as possible to avoid further stress, frustration and expense. The desire to finalize a settlement quickly is understandable but, it may be a mistake. Common mistakes in High Asset Divorces include:
- Failure to ensure the opposing party disclosed all assets
- Not seeking an appraisal of high value assets
- Failing to consider tax consequences. By way of example, the taxes associated with various retirement accounts are likely far greater than any taxes that may be associated with a traditional savings account
- Letting emotions control.
- Hiring the wrong High Net Worth Divorce lawyer
Experts and Assistance for High Net Worth Divorces in Suffolk County
Even the most experienced Long Island Divorce Attorney cannot address all of the ancillary components of a High Net Worth divorce. When appropriate, we bring in experts to assist in the case including:
- Financial planners
- Forensic accountants
- Real estate brokers
- Business valuation experts
- Antiques dealers and appraisers
- Art appraisers and dealers
- Jewelers
- Estate planners
- Vocational experts and career counselors
Divorce Attorney for Your High Income Divorce in Suffolk County
At The Law Office of Louis L. Sternberg, PC, our Suffolk County High Net Worth Divorce Lawyers understand the planning, and strategy attendant to a High Asset divorce. We understand that valuable assets are at stake and may be lost during lengthy matrimonial litigation, especially through needless and irresponsible legal counsel and tactics. We spend the time to handle your case appropriately, with the specialized personal attention required in order to maximize your results and protect your assets. For those reasons, we have been recognized as the best divorce attorney in Suffolk County for High Net Worth divorces.
Looking for an attorney for a High Net Worth divorce lawyer in Suffolk County? Get in touch with our Suffolk County divorce lawyers by phone at (631) 600-3295 or contact us through our intake form.
