Divorces which involve a spouse or couple that have a high net worth (in income, assets or both) have issues that are unique compared to other divorces.
In New York, if you and your spouse’s combined income is greater than $136,000, then the Court has the option to apply the child support formula to that greater income. Many judges will apply the child support formula to the income above $136,000. However, there is no common formula or number as to how much child support will be ordered for income in excess of $136,000.
In addition to the basic child support, families with high net worth typically provide greater opportunities for their children. For example, private schools, private lessons, tutors, athletic trainers, and specialty camps. These more expensive items must be accounted for in providing for the children after the divorce.
Another important inquiry is how much maintenance (alimony) will be awarded. It is likely that maintenance will be awarded where one spouse has a high income and the other spouse has little to no income. However, there is no formula that specifies exactly how much maintenance should be paid.
In many high net worth situations, one spouse may own a business. Although, the other spouse may not have actively worked in that business, the courts recognize that you provided non-economic benefits. Accordingly, you may be due compensation from these non-economic benefits.
In a high net worth situation, clients will generally have more assets that will need to be distributed. Finally, parties that have a high net worth are more apt to have a trial to determine the financial issues.
These are just some of the issues that are unique to a high net worth divorce. It is important to retain an attorney who understands these issues. David Badanes and the Badanes Law Office has helped numerous individuals in these situations. If you need an attorney to represent you in your divorce, call David Badanes and the Badanes Law Office today at 631-239-1702, email me at firstname.lastname@example.org.