High Net Worth Divorce Attorney in Rochester, NY
Dedicated Rochester High Net Worth Divorce Lawyer With Over 20 Years of Experience
Divorce is stressful for all couples, but those with a high net worth face additional obstacles during the process. If you are going through a high net worth divorce, you are worried about various factors, including the division of the marital property, your privacy, and losing control during the proceedings.
Michelle Cimino of The Cimino Law Firm has worked with high net worth couples for more than 20 years. During that time, she has helped them successfully navigate the process while reaching the desired outcome. From helping with the emotional strain of the proceedings to successfully negotiating on behalf of her clients, going through a high net worth divorce is much easier with The Cimino Law Firm on your side.
Learn more about how The Cimino Law Firm can help you by calling for a free consultation for your high net worth divorce.
Marital Property and High Net Worth Divorces – Declaring and Valuing Property
Asset distribution is one of the most complex aspects of a high net worth divorce. Couples with a high net worth often have an abundance of assets, including:
- Multiple homes
- Investment in real estate
- Motor vehicles
- Private watercraft
- Retirement assets
All of the assets must be declared and valued. The marital property is included in the divorce, while separate property goes directly to the person who purchased it.
Investigating Hidden Assets During a High Net Worth Divorce
During the declaration and valuation stage, it’s also essential to investigate to see if the other spouse has hidden assets. This is a common issue in a high net worth divorce. The other party might hide money in offshore accounts or under a relative’s name. Money can even be hidden under a business name. This is quite complex, but a forensic accountant can find all the money. This is necessary for fairly dividing the marital property. Our law firm will investigate to ensure that all property and assets are accounted for during your high net worth divorce.
How Is Property Distributed?
New York follows the law of equitable distribution regarding marital assets. That does not mean that property will be split equally, though. The courts consider various factors when dividing the property, such as length of the marriage, needs of each spouse, the amount each spouse contributed to the property, and the custody arrangement. You can also negotiate with the other party and split the property without the courts intervening. This might seem like an impossible task, but The Cimino Law Firm can handle this for you.
What is Spousal Maintenance?
Spousal maintenance, or alimony, is another high-stress issue in a high net worth divorce. Often, one spouse stays home to raise the children while the other spouse makes money. In other cases, one spouse makes significantly less money than the other spouse and wants to maintain the same lifestyle after the proceedings are over.
The courts look at different factors to determine if one spouse is eligible for alimony. These factors also help the courts determine how much the other party should receive. The factors are:
- Length of marriage
- Spousal contributions to homemaking duties
- Earning potential
- Reduced earning abilities
- Mental and physical health
Many high net worth couples are unhappy with the support orders issued by the courts. Couples realize there are other factors to consider when determining the amount of alimony one spouse should receive. The Cimino Law Firm can negotiate on your behalf or mediate the proceedings for you. With our help, you can protect your interests or get the money you need.
How Do I Keep My Divorce Private?
Achieve Privacy by Staying Out of Court
Our law firm has represented countless people during the high net worth divorce process, and most have been concerned about privacy. They realize that people in New York and the rest of the country are interested in people who make lots of money. They want to learn more about their private lives, and a divorce proceeding is a perfect way to get information.
The Cimino Law Firm is discreet, and everything you tell us is confidential. However, if you decide to take the divorce case to court, it will be a public record. Many of our clients choose an alternative to litigation so they can keep their lives private.
Mediation is an excellent way to keep your divorce out of the public arena. The Cimino Law Firm can mediate the proceedings for you. Our mediator will act as a neutral party in the proceedings. Throughout the proceedings, the mediator will help you and your spouse reach an agreement on all issues related to the divorce.
There is a myth that high net worth divorces are too difficult for mediation, but that is not true. There are lots of benefits to mediating these divorces.
First, mediation is discreet. Mediation proceedings do not receive publicity. You do not have to worry about the divorce damaging your reputation or your children reading about you in the newspapers. Anything that goes on in mediation is entirely confidential. Even if mediation does not work and you end up in court, the information shared in mediation cannot be used as evidence.
It is also more affordable. Contested divorces can take a long time to get finalized. The court and legal fees can add up in these divorces. You can end up spending lots more money than you want if you decide to litigate your case in the court system. It is much easier to control the costs by going through mediation during a high net worth divorce.
Mediation proceedings can also help you strengthen the relationship with the other party. This is helpful if you have children. You will have to co-parent the children, and the stronger your relationship is after the proceedings, the easier it will be for all involved.
Also, mediation gives you greater control over the outcome. You are not forced to accept the terms of mediation. You do not have to sign an agreement unless you choose to do so. That gives you more control over every aspect of the divorce, from the division of property to the amount of spousal maintenance you pay or receive.
The Cimino Law Firm Is Here for You
Divorce is one of the most stressful times in a person’s life. It is difficult to dissolve a marriage that once brought you so much joy. With more than two decades of experience in family law, Michelle Cimino of The Cimino Law Firm is adept at helping clients deal with emotions as they arise.
At the same time, she will help you navigate through the legal process. Whether you decide to go to mediation or litigate the case in court, she will be by your side.
Privacy is of the utmost concern to you, and you don’t even have to leave your home to begin the process. The Cimino Law Firm offers free phone consultations, so you can begin by picking up the phone. During the meeting, you will provide information about your divorce. A dedicated Rochester high net worth divorce attorney will help you determine the best strategy for moving forward.
Next, you will need to come to one of our offices to sign the paperwork and begin the legal process. We are located in Rochester, NY, and Webster, NY, making it easy to stop by.
Divorce is stressful on your own, but when you choose The Cimino Law Firm, some of your stress will melt away. Call us today for a free phone consultation.
Follow us on Facebook for daily updates!