Penfield High Asset Divorce Lawyer

Penfield High Asset Divorce Attorney

If you are facing a divorce and have a significant amount of assets and property, it’s important to seek legal counsel from a family lawyer early on in the divorce process to protect your estate. Divorces can pose a considerable threat to the wealth you’ve accumulated if you don’t have an appropriate legal strategy for your divorce case. See why you can trust Trotto Law Firm, P.C., to represent you as your Penfield high asset divorce lawyer.

The Equitable Distribution Law in New York

Unlike other states that divide property in half between the two parties involved in a divorce, New York adheres to the equitable distribution law. This means that if you and your spouse cannot come to an agreement about the terms of your divorce and how your marital property and assets will be divided, the court will decide what is fair or equitable. It is critical to first understand the difference between marital property and separate property:

• Marital property includes assets or property that were acquired by one or both parties during the course of their legal marriage, with limited exceptions.
• Separate property encompasses assets or property that a party rightfully owned prior to entering their legal marriages, with some exceptions.

Commingled Assets Could Complicate Your Divorce

In most cases, separate property is not eligible for distribution during the dissolution of marriage, which means that you are entitled to keep your assets that qualify as separate property. However, the distinction between marital property and separate property can sometimes be blurry. This is especially true when assets or property that you owned before entering the marriage are commingled. The following scenarios could qualify as commingling assets:

• You purchased a vehicle before marrying your spouse, but you added their name to the title after getting married.
• Your spouse held a bank account before your legal marriage started and named you as a joint owner of the account after you were married.
• You inherited a piece of antique jewelry that was in need of repairs prior to your marriage, and your spouse invested money to help you restore it while married.

There is the potential that your commingled property could be subject to distribution if your spouse or their attorney can prove that the property qualifies as such, which could add a significant level of complexity to your divorce case. This is especially true for high net worth divorces. Trotto Law Firm, P.C., can work to understand the circumstances of your divorce and help you identify what property might be considered a commingled asset.

Potential Factors in the Distribution of Property

New York does not necessarily split property 50/50 between the parties involved in a divorce. When determining the division of assets according to the equitable distribution law, the court in Penfield, New York considers over a dozen factors surrounding the unique circumstances of the divorcing individuals before making a ruling. Some of these factors include:

• The length of the marriage
• The financial situation of each party involved, both when they respectively entered the marriage and when they filed to end the marriage
• The total value of property or assets that can be defined as marital property or qualify as commingled assets
• The likely financial outcome for each respective party after the marriage ends
• The loss of health insurance coverage due to the dissolution of marriage

This list is not comprehensive, and there could be other factors that apply to your divorce case. The legal team at Trotto Law Firm, P.C., can advise you on the full list of potential factors that could affect how your property is divided, according to the equitable distribution law in New York.

FAQs About Penfield, NY High Asset Divorce Law

Does It Matter Who Files for Divorce First in New York?

No, it does not matter who files for divorce first in New York. However, the individual who files for divorce first could potentially be responsible for paying the initial fees for filing paperwork with the court. If you’re considering divorce, consult with an attorney as soon as possible to avoid taking actions that might later hurt your case or your financial situation.

How Many Years Do You Have to Be Separated to Be Legally Divorced in NY?

The number of years you have to be separated to be legally divorced in New York is not defined because there is no wait time when filing for divorce. However, you must be a legal resident of the state. It’s important to follow all appropriate steps during the divorce process to ensure that your divorce goes as smoothly as possible. Failing to follow the legal requirements for divorce in the state of New York could lead to a lengthy and more expensive divorce experience.

Is High Net Worth Divorce Expensive in NY?

High net worth divorces can be expensive in New York, but the specific cost will depend on many factors of your individual circumstances. Because wealthy couples in Penfield, NY, typically have significantly more assets and property than average individuals, reaching a divorce agreement can be extremely complicated. In general, the more complex the marital estate, the greater the expense will be for dissolving the marriage.

What Is the Easiest Divorce in NY?

The easiest divorce in New York is typically an uncontested divorce, which occurs when neither party involved in a divorce disagrees with the divorce or how their marital property will be divided. The length of time it will take to finalize an uncontested divorce will vary from one case to the next. Contested divorces can be more complicated and costly because they will likely involve multiple rounds of courtroom litigation.

Simplify Your High Net Worth Divorce in Penfield, NY

High net worth divorces are inherently more complex than standard divorces because of the amount of assets and property involved. Simplify the process of a high net worth divorce with legal guidance from Jonathan C. Trotto at Trotto Law Firm, P.C. We can work to defend your case and take all the appropriate steps to do so. That way, you have a better chance of keeping the property and assets that are rightfully yours, according to divorce laws in the state of New York.

Contact us today for a consultation, and put us to work for you.