By: The Law Offices of Joseph A. Marra, PLLC February 7, 2024

Navigating High-Asset Divorces in Yonkers: Legal Strategies and Considerations

What Is a High-Asset Divorce?

There is no specific value of assets that qualifies someone as going through a high-asset divorce. Any divorce where the combined value of the marital assets is higher than normal could be considered a high-asset divorce. This can also change depending on location. For example, if you were to consider a high-asset divorce to be one where the marital assets are valued at $1 million or higher, the typical house price in Yonkers is nearly two-thirds of that already.

Instead, it can be helpful to think of a high-asset divorce as one in which there are assets of such substantial value that it makes property division more challenging than in an average divorce.

How Is a High-Asset Divorce Different From the Average Divorce?

Regular divorces and high-asset divorces both involve the same key elements or property division and spousal support. But high-asset divorces have unique concerns. It can be more difficult and take more time to accurately value assets. There may be real estate, artwork, jewelry, stocks, or businesses that need to be assessed before an equitable division of the assets can be made.

This increased time can also mean that high-asset divorces are more expensive, with both parties spending substantially more than average on legal fees. Individuals going through a high-asset divorce may also have privacy concerns. A greater focus on confidentiality — often through mediation — is often present.

What If I Have a Prenup?

Prenuptial agreements are more common when one or both of the parties had significant assets before the marriage. For example, someone may have a collection of valuable artwork or several rental properties. A prenuptial agreement is a legally binding contract the parties enter into prior to the marriage. It goes into effect if the couple ever decides to divorce, and it specifies what will be marital and separate property and how any marital property will be divided.

If you have a prenup in place, property division can be much easier — even for high-asset divorces. A good prenuptial agreement outlines the plan for all property division, including both assets and debts, and spousal support, so there’s nothing to argue about or that needs to be settled at a trial. The exception to this is if either party requests that the prenuptial agreement be set aside. In general, judges don’t like to do this unless there are extenuating circumstances.

Will Spousal Support Be a Factor?

Spousal support, previously known as alimony, is often a factor in high-asset divorces. Spousal support is also sometimes referred to as spousal maintenance. It is generally awarded when there is a large disparity between the income or earning potentials of both parties or if a prenuptial agreement specifies that one party is to pay the other spousal support.

In some cases, spousal support is only awarded for a short time. This helps a spouse who has been staying at home to raise the children or who has a lower income have the time they need to establish financial independence. However, it’s also possible for spousal support to be long-term, depending on the situation.

Call the Law Offices of Joseph A. Marra, PLLC, at 914-344-5145 to schedule an appointment to discuss your high-asset divorce and find out what makes our firm different.