High Assets Mean High Stakes – We Are Here To Help

Stress levels often escalate when the amount of property and assets to be divided in a divorce increase. Since 1987, founding attorney Jane K. Cristal has provided New Yorkers with comprehensive counsel on equitable division issues in high net worth divorce cases.

From our office in Mineola, Attorney Cristal seeks her clients’ best interests in the division of property and all other aspects of high net worth divorce.  We work with clients across Long Island, including Nassau County.

Building A Strategy To Secure Your Property

To advocate for fair division of property in a high net worth divorce, Attorney Cristal makes it her mission to enable her client to develop a working understanding of the statutes in place in the state of New York.

New York is an equitable distribution state; all marital property not divided through out-of-court agreements will be evaluated a judge – who will determine what a fair distribution means. Attorney Cristal will help you structure a high-asset settlement agreement, which may include but may not be limited to:

Real Estate

Real estate may include your primary home, your vacation home or any residential or commercial real estate property. Distribution of such assets often hinges on the dates these luxury assets were purchased, before or during the marriage, and the value accumulated since the wedding date.

Personal Property

Personal property includes your bank account; any brokerage accounts and inherited accounts; as well as your vehicles, recreational vehicles, cars and furniture. As with real estate property, distribution of these assets depends on the purchasing circumstances.

Financial Accounts

Pensions, retirement accounts, stocks, bonds, investment portfolios and other financial accounts may be subject to division in a high net worth divorce. Retirement accounts are particularly complicated to divide in a divorce and involve tax analysis so that penalties do not accrue. A Qualified Domestic Relations Order (QRDO) helps couples avoid these penalties in a complex divorce. Attorney Jane K. Cristal oversees QRDO work to ensure your financial interests are safeguarded.

Gifts

If you have received a gift from your spouse, or an inheritance from a family member during your marriage, these “gifts” may also be subject to distribution under certain circumstances. Attorney Cristal listens to your questions on gifts carefully and investigates thoroughly to provide clear explanations as to whether the item is exempt from equitable distribution in a Long Island high net worth divorce.

Common Questions About High-Asset Divorces

As you begin the divorce process, you may have questions about how dissolving the marriage impacts assets and liabilities. Attorney Cristal and our team have the answers.

Are business assets subject to division in a high net worth divorce?

Yes, businesses can be subject to division during your divorce. New York views business assets similarly to other assets, such as your home or other real estate properties. Whether it is subject to division depends on multiple factors, including:

• Whether you started the business before or during the marriage
• How much value the business accumulates during the marriage
• If your spouse was an owner, employee or business partner during the marriage
• What your prenuptial or postnuptial agreement says about how business assets are to be divided in divorce

Call us at 516-744-1910 and Attorney Cristal will help you understand how your business will be impacted during the high net worth divorce process.

How do courts treat child custody in a high net worth divorce?

As always, the courts are focused on serving the best interests of the children.

I think my spouse is hiding assets from me. Is that legal?

Hiding assets during a divorce is against the law in New York. If the court discovers your spouse is concealing assets that would be subject to division in a complex divorce case, he or she could be subject to serious legal consequences. Attorney Cristal will assist you in efforts to uncover these assets.

How long do high-asset divorces take in New York?

The length of a Long Island high net worth divorce depends on numerous factors, including:

• The number of complex assets involved;
• The willingness of both parties to cooperate;
• The efficiency of legal proceedings.

Sometimes, high net worth divorces may be resolved over only a few months. In highly conflicted divorces requiring court intervention, resolution and deposition of the matter could take years. Jane K. Cristal works efficiently to complete the matter, enabling those individuals to move on with their lives.

Can marital property settlements impact spousal support payments?

The answer depends on the specific facts of any given divorce matter in the state of New York. Sometimes equitable distribution provides a substantial combination of assets to the non-monied partner, and such a distribution by the courts would be considered when determining how much and how long spousal maintenance would be paid by the payor-spouse. It is advised that you speak directly with Jane K. Cristal, Esq., who will discuss and analyze your matter with you.

How could a prenuptial or postnuptial agreement affect my high net worth divorce?

The terms of your agreement will determine the impact. In many cases, a prenup or postnup may simplify your divorce, as you have a better idea of how you and your spouse initially agreed to divide assets. Attorney Cristal will review the contents of your agreement and determine what property division may look like under the agreed-upon terms and conditions you set.

If you have more specific questions about your situation, please contact us today.

Connect With Our Office

Start developing your financial high net worth divorce case with a free initial consultation. Call our office at 516-744-1910 or send us an email to set up your appointment.

From our office in Mineola, we accept complex family law cases across Long Island and Nassau County.