Archive for June, 2017

Should You Mediate Or Litigate Your High Net Worth Divorce?

Sunday, June 25th, 2017

You are thinking of getting divorced and you and your spouse are considered high net worth individuals, should you mediate or litigate your divorce? Although mediation is often more attractive than litigation due to the fact that it can save a lot of time, emotional energy and of course, money, it also requires a semi-functional relationship between the spouses in order to even be able to mediate. In addition, most high net worth divorces often are riddled with complicated assets, which are very difficult to solve in mediation.

Because of how much money is often at stake, each party wants to come away with the greatest amount, and limit the number of assets that are divided. However, regardless of whether you are the high net worth party or the spouse, there is legal entitlement on both sides to all marital assets. Maintaining the lived lifestyle prior to divorce will also be considered.

Mediation, even if it doesn’t result in a final divorce settlement and judgment, it can at least get you a legal separation, and moreover, it isn’t as emotionally taxing as litigation and keeps more of the decision-making power between the parties as opposed to litigating in court.

Ultimately, litigating is the more sensible option when the marriage has gotten to such an irreconcilable place that working together in mediation is unlikely to result in positive results if any. Also, consider the complexity of the assets, and if they can be decided fairly and accurately in mediation.

If you need a divorce attorney who has the experience in handling high net worth divorces, call 212-826-9900 to set up an appointment with Paul E Rudder, Esq., a top-rated divorce attorney in NYC. Call today!

What Is A High Net Worth Divorce?

Monday, June 5th, 2017

In order to understand what a high net-worth divorce is, it’s important to first understand what “high net-worth” is classified as. A high-net-worth individual is someone whose net-worth either exceeds $1 million or has an income that is over $200,000 over the last two years. A high net worth divorce is when the joint net worth of the two parties exceeds $1 million, or the joint income between the two spouses is over $300,000 over two years.

To start, please know that the title of “high net worth divorce” does not come with different rules or laws, nor will the court act any differently within the threshold of the family court system and NY State family law. The term is mainly used when the spouses are relatively wealthy. Although divorce law remains the same regardless of your net-worth, the attorney you hire should be one that is accustomed to and has experience representing people who have similar socio-economic backgrounds.

Not all divorce attorneys have the experience with litigating over large estates and assets, and these both make cases much more complex and complicated. Even fewer attorneys know how to handle things like overseas assets and licenses, so it is imperative that the attorney you hire can properly and efficiently represent you and your interests. Because litigation over all these assets can go on for so long, it is often advised that the spouses try to work out the separation outside of the court room. Of course, this is not always a possibility, and you will need to consult financial specialists and mediators/attorneys at some point, but it can help avoid a lengthy, and expensive, litigation process in court.

If you need a divorce attorney to handle your high net worth divorce, contact Paul E Rudder, Esq. today at 212-826-9900 or fill out our contact form here.