Although a divorce can be complicated under the best of circumstances, it may be more complicated when one or both individuals have a high net worth. Such situations involve large amounts of financial assets, property, and often, business ownership interests.
If you need help with this kind of divorce, consider contacting an Albany high-net worth divorce lawyer from Tully Rinckey PLLC. Our court-tested legal team can review your property situation and advise you on how to achieve the best possible income from any property distribution.
Generally, Albany courts divide marital property as equitably as possible during a divorce, in accordance with New York Domestic Relations Law §236. In addition to considering factors such as income and length of the marriage, courts may also consider the following factors that may be of special interest to those of high net worth:
Loss of inheritance rights upon divorce
Tax consequences to each party
Contributions made by one party to the career of the other party
A high-net worth couple may have different types of property whose sale could result in a large tax burden. A court may consider these tax consequences before ordering such a sale or distribution of marital property. A high-net worth divorce lawyer in Albany can provide further information on property distribution and tax consequences.
Contributions to Career or Career Potential
In some instances, the former marital partner in a high-net worth divorce may claim that they supported their spouse’s career and should be compensated accordingly.
A high-net worth individual’s increased earning capacity during the marriage could be a factor in property distribution, depending on the extent and nature of the other party’s contributions. If that increased earning capacity resulted mostly or solely from the high-net worth individual’s own efforts, a court may decide that it should not factor into property distribution, however, compensation may be obtained through claims of support.
A high-net worth individual may have achieved substantial success through a significant promotion that resulted mostly from their job performance, rather than contributions made by the other party in their marriage. In such a situation, a court in Albany may decide that any resulting increased earning potential is not subject to equitable distribution, but could be compensated through a claim of support.
The Benefits of Retaining an Albany High-Net Worth Divorce Attorney
High-net worth individuals often have unique concerns when filing for divorce. They may be unsure of how their property interests could be divided, as well as whether they would need to pay spousal maintenance—and if so, how much.
An Albany high-net worth divorce lawyer can help answer these types of questions by reviewing your case and providing you with your best legal options. They can also help secure legal and other expert resources you need to ensure you make informed decisions about your property.
If you are a high-net worth individual in need of legal assistance during your divorce, do not delay. Call the local Albany office of Tully Rinckey PLLC today at 5182187100. We are also available via email at info@tullylegal.com.
What Our Clients Are Saying:
Let me begin with my continued respect and heartfelt thanks for all you did for me when a simple divorce spiraled out of control. As wounded as I was, I was painfully aware of the emotional toll the litigation was taking on you too. It was that empathy, accompanied by your phenomenal legal skills that kept me together during what was perhaps the most traumatic chapter of my life. I hope I am able to convey an impression of the depth of gratitude I have for you.
G.H.
I retained Tully Rinckey PLLC for a child support modification, which became necessary following domestic violence incidents, my own disability as a result, and my children's increased needs. Tully Rinckey PLLC is professional, proactive and, most importantly, does not suffer fools. They focused on the legal arguments of the case and applied appellate decisions which were directly related. Most importantly to me, they took my case personally. As one who has seen many people promised the sun, moon and stars by attorneys who then treat them as a number, Tully Rinckey PLLC was invested in my case from the beginning. They were able to go directly to the heart of the matter without needing to destroy the other party. They kept the focus on my children's needs and, when the other party refused to settle and hired an attorney, Tully Rinckey PLLC went into overdrive making sure my children would get a fair hearing of the facts in court. They kept the main thing the main thing and her arguments on point. They also ensured that my disability accommodations were honored and was sensitive to the needs my disability created, which was incredibly important for my testimony. I have already recommended Tully Rinckey PLLC several times and will continue to do so.
G.H.
I was represented by Ryan McCall in both custody and support matters. Ryan did an excellent job in both, and we were successful in both. I would highly recommend to anyone in need of great representation to contact Tully Rinckey and speak to Ryan McCall.
T.C.
Thank you it was a pleasure doing business with you. Honestly, you made this experience painless. Much appreciated happy customer.
J. A.
I would like to thank you for the wonderful job Tully Rinckey PLLC did on my behalf. In an unusual circumstance where the custody of my daughter changed for a period of 6 months because of Hurricane Irene, they managed to get the entire case dismissed.
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