Brighton High Asset Divorce Lawyer

Brighton, NY Divorce Attorney

For many people, going through a divorce can be an unpleasant and contentious experience. If the parties involved in a divorce have a high net worth, concerns over the outcome of the divorce agreement are often elevated, and tension can be extreme. Because the stakes are so high in these types of cases in New York, it’s important to consider hiring a Brighton high asset divorce lawyer with experience representing clients who have a substantial net worth.

At the Trotto Law Firm, P.C., we have successfully helped individuals who have accrued significant wealth dissolve their marriages. We understand how complex high asset divorces can be and the stress associated with these types of cases. Discover how we can guide you through every step of your divorce and help you navigate the legal system in New York.

Division of Assets in New York Divorces

A key part of the divorce process is determining the division of marital property and assets. In the state of New York, the legal standard is the equitable distribution law. Under this law, certain types of property and assets that were accrued during the course of a marriage must be split fairly between the divorcing couple. This does not mean that those assets or properties will be split 50/50 between the couple.

When considering what property might be eligible for distribution as part of a divorce agreement, it is critical to remember the difference between marital property and separate property. Marital property is any property or asset obtained by either party during the course of a marriage. Some exceptions to marital property are inheritances, gifts from someone other than their spouse, or personal injury payments.

Examples of marital property include:

• Vehicles, boats, or airplanes, regardless of whose name is on the title
• Bank accounts, investment accounts, and retirement accounts
• Real estate bought during the marriage

Separate property is any property or asset obtained by a respective party prior to their legal marriage. The examples listed above could be considered separate property if they were owned by one of the parties before they were married. Additionally, if you acquired property during a marriage by exchanging separate property that you owned before the marriage, the newly acquired property could also be considered separate property.

Separate property is not eligible for distribution as part of a divorce agreement in the state of New York.

Jonathan C. Trotto at Trotto Law Firm, P.C., can help you understand which property and assets you own are considered marital property or separate property.

Distributing Property in High Net Worth Divorces

For couples in Brighton, New York, who have accumulated significant wealth during their marriage, the complexities of determining who gets what, according to New York’s equitable distribution law, can lead to confusion and frustration. The more property and assets you own and the higher their respective value, the more that must be taken into consideration when negotiating a fair and just agreement for dividing property.

Because the distribution of assets and property in high net worth cases can be complicated, coming to a divorce agreement can be a lengthy and expensive process. In many high net worth divorce cases, it can be advisable to work toward an agreement about the division of property through alternate dispute resolution. For example, you might consider hiring a collaborative law attorney to reach an agreement with your estranged spouse without having to go to court.

The attorneys at Trotto Law Firm, P.C., have experience representing couples in collaborative divorce cases. We work with efficiency in mind to help our high net worth clients reach divorce agreements as quickly as possible.

FAQs About Brighton, NY High Asset Divorce Law

What Is Considered High Net Worth Divorce in New York?

A high net worth divorce in New York can be any divorce in which the parties involved have significant wealth that was accrued during the course of their marriage. Unlike typical divorces, high net worth divorces can be complicated due to the amount and value of multiple luxury assets, such as boats, planes, high-end real estate, collectible art, and businesses, that are considered marital property.

How Much Does a High Net Worth Divorce Lawyer Cost in New York State?

The cost for a divorce lawyer varies in the state of New York and depends on the complexity of the specific circumstances of each case. High net worth divorces can be extremely complicated, so the cost of a divorce lawyer in these cases could be more expensive.

Because there is so much at risk in high net worth divorces, working with a knowledgeable attorney can be an investment in your future. They can help you achieve a positive outcome for your divorce agreement.

Is NY a 50/50 Divorce State?

No, New York is not necessarily a 50/50 divorce state. New York adheres to the equitable distribution law, which means that property and assets obtained by one or both parties during the course of their marriage must be divided fairly in a divorce. Equitable does not always mean equal within the context of the equitable distribution law. The courts in New York take many different factors into consideration when determining what is equitable for each case.

How Are Assets Split in a Divorce in NY?

In New York, assets are split in divorce according to the equitable distribution law, meaning that assets are split fairly. This does not always mean that assets will be distributed down the middle between each party in the divorce.

Only marital property, or property that was obtained by either party during the course of a marriage, is eligible for distribution during a divorce, with some exceptions. Property obtained prior to a marriage, which is known as separate property, is not eligible for distribution in most cases.

The Guidance You Need for Your Brighton High Asset Divorce

Trotto Law Firm, P.C., understands the importance of reaching a fair divorce agreement as soon as possible in high net worth divorce cases. When so much of your wealth is at risk and the future of your estate depends on successfully navigating several legal challenges, trust us to help you through the process of ending your marriage. Contact us today to schedule a consultation.