Serving high net worth individuals through divorce matters in New York
Divorce is a complicated matter to resolve. Parties hope to get past troubling times and move towards a better situation. When a marriage ends with an increase in assets, possessions, money, and debts, the already complicated matter becomes overwhelmingly complex. Divorces that involve individuals with a combination of monies and assets that meet or exceed one million dollars are considered high net worth divorces. With so many different factors to consider, high net worth individuals need an experienced and effective attorney with high profile family law matters. Penichet & Alberga LLP has over 100 years of combined experience and success handling high profile cases across Westchester County and New York State. If you are a high net worth individual in need of high-caliber legal services, contact our offices in White Plains.
Relevant factors for high net worth divorces
When a high profile individual faces a contested divorce, they are facing a wide variety of legal issues. Regarding property distribution, any couple who goes to court over this contested issue will be subject to equitable distribution. New York is an equitable distribution state. The court will allocate marital assets and debts according to what is fair and just to each spouse depending on a variety of factors. This usually does not equal a 50/50 split. It also does not follow the wishes of at least one of the parties. In addition, a contested case based on spousal maintenance is a similar issue. New York courts are going to decide on the matter in a fair and just manner based on the length of the marriage, age and health of each spouse, and much more. In both of these cases, the high net worth individual is vulnerable to other liabilities when they see a courtroom.
This matter could escalate when a court case leads to discovery and the disclosure of net worth statements. Judges are “mandated reporters” to the Internal Revenue Service. If anything is found in discovery that is out of place, the court will notify the IRS of any discrepancy. This could open an individual to a government issued probe into the finances and the possibility of legal trouble.
Penichet & Alberga LLP has seen countless high profile cases that are impacted by equitable distribution and discovery. When our high profile clients come to us for legal advice, we often suggest that our clients consider prenuptial or postnuptial agreements, depending on their marital status. These documents are powerful tools to protect one’s assets that should be kept separation. These documents can save the parties from the pitfalls of a contested divorce, especially discovery.
Contact a Westchester County law firm with high profile experience
If you are a high net worth individual, you need an attorney with high profile case experience. Penichet & Alberga LLP is widely known as one of the most effective and determined law firms across Westchester County and New York State. Our firm has handled numerous cases seen in the news and celebrates a history of success. If you need a law firm to assess your situation, guide you through your legal matters, and passionately represent your needs in and out of court, contact our offices in White Plains by email or call 914-806-6675 to schedule a consultation.