The divorce process is often stressful. If you’re exiting a marriage with high-value assets, you might be experiencing an added layer of stress. As a matrimonial attorney serving the Greater Rochester area for nearly three decades, Michelle Cimino has heard many of the concerns that arise in high-asset divorce cases. Here are some of the most common questions she hears from clients who are parting ways and have high assets.
How Are Assets Divided in a High-Asset Divorce?
The process for dividing assets in a high-asset divorce in New York involves equitable distribution. This legal concept distinguishes marital property, or assets and debts acquired during the marriage, from separate property. Separate property generally includes property acquired before the marriage, inheritances or gifts from someone other than a spouse, personal-injury compensation, and certain property identified as separate in a valid written agreement. Generally speaking, the main assets that are subject to division are marital property, though some exceptions apply. However, tracing, commingling, appreciation, and marital contributions can complicate that analysis.
A matrimonial attorney can work with you to ensure you obtain complete financial disclosure. In high-net-worth divorces, this might include a professional valuation of businesses, real estate, investments, retirement accounts, and other complex assets.
What Is the Discovery Process in a High-Asset Divorce?
In a high-asset divorce, discovery is the formal process of gathering and exchanging information between the parties. Depending on the issues in the case, divorce attorneys may use document requests, written interrogatories, depositions, and subpoenas under New York Civil Practice Law and Rules (CPLR) Article 31 (§§ 3101–3140). During a deposition, a witness gives sworn oral testimony outside of court. Interrogatories, by contrast, are written questions that require written responses. Ultimately, the discovery process aims to bring both sides to the same page. With that shared information, they can properly assess assets, debts, and custody issues and, in turn, work toward a settlement.
One key financial-disclosure document is each party’s sworn Statement of Net Worth. This document provides a detailed financial snapshot of the party that completes it. Specifically, it requires each party to disclose, in detail, income, expenses, assets, liabilities, and certain financial transfers, along with the required supporting documents.
How Can a Matrimonial Attorney Help Uncover Hidden Assets?
Clients in high-net-worth divorces often worry that their spouse is hiding assets. Part of the divorce process involves exchanging what we call Statements of Net Worth. Both spouses must swear that these documents are accurate and complete. If a spouse fails to fully and accurately disclose required financial details, the court can impose consequences. For instance, the court may order compliance or impose other remedies, depending on the circumstances.
How Is Spousal Support Determined in a High-Income Divorce?
In a New York high-income divorce, calculating spousal support, also called alimony or spousal maintenance, begins with a standard formula. The statutory guideline formula is applied to the higher-earning spouse’s income up to a certain cap. As of March 1, 2026, that income cap is $241,000. For income above that cap, the court may award additional maintenance after considering the statutory factors. The court may consider factors such as each party’s resources, standard of living, earning capacity, health, length of marriage, and tax consequences.
If you’re wondering what to expect from maintenance calculations in your situation, reach out to Michelle Cimino for a confidential consultation. She can listen to your situation and help guide you through the process.
Book a Confidential Consultation With a Matrimonial Attorney
Divorces with a high net worth come with their own set of challenges. But you don’t have to go through this alone. As an award-winning, compassionate matrimonial attorney, Michelle Cimino wants to clarify your concerns and help you reach a fair agreement to resolve your marriage. Furthermore, she will work to ensure you receive your fair share of assets.
The National Trial Lawyers Association has named Michelle Cimino one of the Top 30 Matrimonial and Family Trial Lawyers, an esteemed award recognizing her dedication to supporting her clients through the divorce process. She serves clients in Pittsford, Webster, and the Greater Rochester area.
Schedule a confidential consultation today.
