High Income Divorce
High Income Divorce Attorney in East Islip, NY
According to studies, the rate of divorce in the United States is between 40-50%. There are different reasons why couples divorce, but financial issues are the leading cause behind a third of most divorces.
Also, couples who are in a high net divorce may face more hurdles and a longer battle than ordinary divorces. With a lot of money and assets at stake, a high-income divorce may be more costly, complicated, and emotionally stressful.
If you’re about to embark on a high-income divorce, it is important that you find the right attorney to handle your case. You’ll need an East Islip high income divorce attorney who can provide legal assistance and protect your rights. If you have questions about filing divorce, don’t hesitate to call your Suffolk County family law attorney today.
What is a High Income Divorce?
Before we discuss what a high-income divorce is, let us first look at the basics. Divorce is the process of legally ending a marriage, thus dissolving the bonds of matrimony between a married couple.
During a divorce proceeding, a judge may resolve issues regarding child custody and visitation rights, alimony, and division of property. Once the divorce is final, both spouses are no longer legally bound to one another, and they are free to enter into another relationship and remarry.
A high-income divorce generally involves liquid assets and properties that are high in value. Multiple properties and a complex marital state are usually involved, that is why high-asset divorces are more complex and difficult to process. These assets can be in the form of:
- Multiple businesses
- Multiple homes or vacation properties,
- Other real estate investments
- Foreign assets, stocks, bonds, trusts
- Bank accounts
Legal Grounds for Divorce
Either spouse may file for divorce. It can either be a “no-fault divorce” or a “fault divorce.”
- No-fault Divorce. This allows either spouse to end the marriage without blaming the other spouse for the divorce. Grounds for divorce can include an irretrievable breakdown of the marriage, irreconcilable differences, and loss of affection, and incompatibility.
- Fault-based Divorce. Fault grounds for divorce in New York can include adultery, domestic violence, abandonment, and drug and alcohol abuse.
Alimony in High Income Divorce
In a high-income divorce, a court may award spousal support or alimony to the dependent spouse. When deciding whether to reward alimony, there are a number of things a judge will consider including:
- Earning capacity and total income of the spouse,
- Contribution of the spouse,
- Duration of marriage,
- Property, assets, and liability,
- Standard of living of both spouses during their marital relationship, and
- Marital misconduct
Spousal support may be required depending on the situation of the dependent spouse, whether they will become self-supporting, or until they remarry. Talk to a Suffolk County divorce lawyer about spousal support options in your divorce. You may also download our FREE divorce ebook to know more.
Child Support in High Income Divorce
After a divorce, parents in New York are required by law to financially support their minor children. Child support covers the general expenses and basic needs of a child such as health care, education, food, clothing, and daycare.
The parent with physical custody or the parent who lives with the child more can be rewarded child support from the other parent. If the child lives with both parents equally, there could still be a child support order depending on the circumstances.
With a high-income divorce, a judge may use ways other than New York’s child support guidelines to determine child support. In determining the amount for child support, the judge will decide based on the child’s needs in terms of their health, schooling, and the standard of living that they are accustomed to.
Tax Implications in High Income Divorce
There are many things to consider when filing a high-income divorce in New York. Divorce isn’t just about dividing assets between you and your spouse, it also impacts all aspects of your finances. Aside from changing your filing status, it also has other tax implications that can affect your financial situation.
The more assets you have, the more it can affect your divorce. For instance, if you and your spouse own a couple of real estate properties that have increased in value over the last couple of years, then selling these properties during divorce and splitting the proceeds in half can lead to large capital gains. This can lead to having long-term capital gains tax on your share of the proceeds even after the divorce is finished. Principal residence and withdrawals from a pension or retirement account are also subject to tax regulations.
Our lawyers at Suffolk County, NY, can provide you with legal help regarding your family law concerns such as alimony, child support, visitation rights, and domestic violence. Call us at 631-920-3848 to get the quality representation for your legal issues.
Assets and Properties
It is a common mistake when filing a high-income divorce for a spouse not to list all their assets to keep them out of the marital property. However, it is important that you list all assets before filing a divorce.
Hidden assets may cause problems during the divorce process because they are hard to find and may require an investigation of your tax returns and other elements to trace any money, assets, collectibles, or other things that a person might want to exclude.
It is also important to list all your assets as soon as possible because once the divorce proceeding starts, you might lose access to certain documents and files.
Get High Income Divorce Representation Right Away!
High-income divorces are usually complex, that is why you need a good high-income divorce attorney. At Donato Law, we have competent Suffolk County divorce and family law attorneys who have extensive experience in handling high-income divorce cases. We will consider your specific needs, and provide the best outcome for you and your family. Call us at 631-920-3848 to get legal advice on your high-income divorce today.