High Net Worth Divorce Lawyer in Rochester, NY
A divorce can be a painstaking process, especially if you have a high-net-worth or assets exceeding $1,000,000 in value. Filing the divorce petition, dividing assets, and attending court dates—each step takes significant time and money. For individuals with a high income and plentiful assets, the process is often even more complicated. A high-net-worth divorce can become challenging because it is often more difficult to identify and evaluate the worth of the couple’s assets. To protect yourself from the risk of an unfair divorce judgment, seek aid from a high-net-worth divorce lawyer. A high-net-worth divorce lawyer will have experience helping people like you attain full and fair distribution of assets.
High-Net-Worth Divorce Cases Are Complex
In high-net-worth divorce cases, there are usually a variety of different assets that must be valuated and distributed. Some examples include investments, pensions, and real estate. Your lawyers will also assist you in uncovering hidden or overseas assets so that you can have a comprehensive perspective on exactly how much needs to be split between you and your spouse.
Protect Your Business Interests
Working with an experienced high-net-worth divorce law firm is ideal for persons of wealth because their team of lawyers will have experience working with the most complex community property litigation and settlement issues. For instance, if you are a business owner, your lawyers will need to determine the fair market value of your business by considering its current financial history and projected future profits. If you leave this in the hands of a less knowledgeable lawyer, you may end up giving up more than you are happy with.
Negotiate Win-Win Situations
If you have a lot of assets, a high-net-worth divorce lawyer will prove to be an essential contributor during the divorce negotiation process as well. They will provide you with the insight you need to effectively determine exactly what you want to keep and what your spouse demands from you.
By prioritizing your needs, a high-net-worth divorce lawyer will position you to obtain the best possible outcome in your divorce case. In many cases, skillful negotiations conducted on your behalf by your high-net-worth divorce lawyer will create win-win scenarios that are easy for your spouse and their lawyers to accept.
Get Helpful Guidance from High Net Worth Divorce Lawyer
There are many common pitfalls that can hinder your ability to maintain assets during a divorce; a high-net-worth divorce lawyer can help you avoid them. We will instruct you on how to avoid unexpected consequences from the financial decisions you make, allowing you to sidestep the following common mistakes:
Overspending During Divorce
Sometimes, people are told that if they spend a lot of money on lavish expenditures leading up to their divorce, they may be entitled to increase their alimony payments or keep the expensive items that they’ve purchased. This is not true. The money you’ve spent will not be removed from the final asset division and any assets you’ve purchased will be divided equally between you and your spouse once the divorce is finalized.
Furthermore, if you spend wildly during the divorce, the court may determine that you’ve dissipated assets and penalize you in some way during the final division.
Attempting to shield assets from your spouse during a divorce can be a grave mistake with significant consequences. This is because, in many cases, high-net-worth divorce lawyers will retain a forensic accountant to locate and evaluate all property.
That includes property that you or your spouse has hidden. Attempting to hide property can also lead to you being punished by the courts, as in some cases the judge will use this as a reason to award the non-offending spouse with additional assets during the final distribution.
Hire Skilled Litigators For Your High-Net-Worth Divorce
If you are a person with significant wealth, the average lawyer won’t understand how to ensure that you retain as many assets as possible. By working with the Cimino Law Firm in Rochester, NY, you can rest assured that your assets will be in good hands.
Attorney Michelle Cimino has over 20 years of experience in family law, so you know that she’ll get you the best outcome possible.
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