Manhattan High Asset Divorce Lawyer
High Net Worth Divorce Attorney Serving Manhattan and All of NYC
Unique Issues In High-Asset Divorces
High net-worth individuals have an even greater need for a skilled advocate and lawyer than most. Just “good enough” won’t do. High net-worth individuals will see right through the mediocre lawyer and recognize that the person is not up to the task. Protect your hard-earned assets, contact a Manhattan High-Asset Divorce Lawyer at Chaim Steinberger, P.C. today to get started. We offer free confidential consultations.
Although the issues might superficially seem the same for typical divorces and high net-worth ones, they are more varied and more complex by an order of magnitude in high net-worth cases. The tax ramifications are more involved. Asset valuations are in an entirely different category. Art, coin, and other unique works must be valued. Cash flow is more intricate. Discovery and finding hidden assets or sources of income are more challenging. Separate Property must be more conclusively protected. Moreover, the “flavor” of the case is entirely different.
You Need Experience On Your Side
With more money comes a greater ability to fight and feel vindictive. There’s more to lose so people, naturally, feel more motivated to fight. Moreover, people feel more entitled therefore less amenable to reasonable suggestion. It is therefore even more important to have a manhattan family law attorney who can, and will, skillfully develop a winning case strategy. A lawyer who won’t go off half-cocked, who won’t pour lighter fluid over scalding embers, one who will conduct negotiations in such a way so as not to provoke further fighting but instead calm people down and bring out their most reasonable selves. It is important to staunch the hemorrhaging of time, effort and resources so that people can move on with their important, productive lives.
Tax Matters Must Be Considered
In addition to all of the issues involved in common divorces, high net-worth individuals need extra guidance to deal with certain particular issues. Capital gains and future tax liabilities must be considered in a way they need not be in the common cases. The tax basis of properties needs to be considered. The value of stock options (or EPUs), be they vested or unvested, need to be accurately determined and a strategy for dealing with them crafted. Despite great wealth, there may be tax flow issues that need to be considered, sometimes creatively. Deferred and other unique compensation arrangements and bonuses must be incorporated. Perquisites might create support liabilities that the cash flow won’t carry. Creative child and spousal support arrangements might need to be developed for the unique situations at play in the individual case.
A skilled Manhattan divorce lawyer is therefore imperative in these high net-worth cases, one who can see not only the facts before them but that can see and predict a few steps ahead in the chess game and prepare a winning strategy. A craftsman rather than a mechanic. One who cares and is devoted to the clients and will spare no effort to succeed.
Unique Issues When One Spouse Owns/Operates a Business
Ownership or operation of a business introduces a host of additional issues into a New York state divorce. When the business was created during the marriage, it will typically be considered “marital property” and be subject to equitable distribution–split 50/50 in a marriage longer than 7 years. The value of the business must be determined.
If the business was owned prior to the marriage, then only the appreciation of the business during the marriage is “marital” and subject to equitable distribution. The present value of the business must be compared to the value of the business on the date of the marriage to determine the marital appreciation. Thus the business appraiser must make two separate appraisals, one that could be retrospective many years.
The appraiser must also determine the true earnings of the business. There are many expenses and deductions that are disallowed for purposes of business valuation. Of course, some businesses also leave income unreported and/or over-report their expenses to reduce their reported profits. Thus the lawyer must assist the valuator in the investigative efforts.
Somewhat related, a business owner or operator may not withdraw all of the income earned. The Manhattan High-Asset Divorce Lawyer and the appraiser must determine not only the amount of income the spouse withdrew, but what income the spouse allowed to remain in the business for withdrawal after the divorce is final.
Manhattan High Net Worth Divorce Lawyer Chaim Steinberger Can Help
Because we have represented people in these situations, we are experienced and knowledgeable about these issues and can often find such hidden money where others could not, and can properly protect and defend against meritless claims of such hidden money. Contact Chaim Steinberger, P.C. today to get started.