Although a high net worth divorce may be more time-consuming, it goes through the same process as a regular divorce. The only difference is that the married couple may have a higher net worth. A high net worth is considered to be a total value of assets and possessions that price at or above $1 million. When couples that are getting a divorce have a high net worth, their divorce process can be more time-consuming due to the amount of assets and properties that can be in their possession. This can include multiple properties, other real estate, businesses and more. All of these items need to be considered for equitable distribution, making the process more time-consuming. Possessions should not be left out of this process. A judge will take the assets into consideration to determine how they can be divided. This can then lead them to make a fair and just decision based on equitable distribution.
What is equitable distribution?
Judges can be used in litigation to make decisions for the distribution of assets for divorce cases. They can consider many factors when deciding on how to divide these possessions between the spouses. Judges in a court will use the concept of equitable distribution when dividing assets for divorce. This idea is used to make fair and just decisions on how the division of the assets should be distributed to the spouses. Marital property is considered to be assets that are owned after the marriage occurred or in preparation for the marriage. For example, some couples will choose to buy a house together. This can be considered as marital property. This kind of property can be considered for distribution since it is owned by both spouses. Although equitable distribution is supposed to be fair and just, this does not mean that it will be equal. Assets will not be split in half and given to each spouse. Instead, the judge will consider other factors as well. The judge analyzes the earning capacity of each spouse, the length of their marriage and more. Factors relating to each spouse, along with their overall marriage, can be used to examine what they should each own.
Our firm proudly serves clients throughout Rockland County, New York when they require compassionate and effective legal guidance. If you require experienced legal representation for any of your divorce and family law matters, contact the Law Offices of Mark S. Paige, P.C. today to schedule a consultation.