Why Every Wealthy Spouse Needs a High Net Worth Divorce Attorney in Suffolk County NY

by | Oct 5, 2016 | Lawyers and Law Firms

Divorce is more than an emotional issue. While the separation of a family and the loss of hopes they had for the future can be traumatic, there are other things a spouse must consider when their marriage is over. For a wealthy family, these issues can be very complicated. Hiring a divorce attorney in Suffolk County NY who focuses on high net worth divorces could make the process a little easier.

Oftentimes, in a wealthy household, one spouse has more control over the finances than the other. This might work well while the couple is together because it can allow one spouse to focus on raising the children or maintain the home while the other handles the money. However, when couples divorce, the spouse that didn’t have control of the finances might have trouble determining how much money they actually have to divide.

It’s important to work with an experienced divorce attorney in Suffolk County NY to sort out the couples finances and find assets that other spouse may have tried to hide from their husband or wife. Some of the most common assets that are hidden include out of town real estate, business interests and cash in foreign accounts. Some attorneys enlist the assistance of other professionals to help them uncover assets the other spouse doesn’t disclose.

Because New York is an equitable distribution state, spouses are not entitled to have of their marital assets but they are entitled to a fair portion of the marital estate. In order to make the settlement fair, all of the assets must be accounted for before the case goes to court. Spouses may negotiate a fair settlement but it’s important to know exactly what is available to negotiate with before they sit down at the table.

With the help of a skilled divorce attorney in Suffolk County NY, a spouse who had no knowledge of their marital finances may be able to get a settlement that truly represents their fair share. Although it might take more effort and resources to uncover the information if the other spouse is not forthcoming, it may be well worth it in the end. Visit the website for more information about the divorce process.

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