Ending a marriage can understandably be a nerve-wracking process, whether two spouses are affluent or earn a modest living. However, a person with high-value assets in New York clearly has more to lose if the outcome of the divorce is not in his or her favor. Here is a glimpse at a couple of things that make high-asset divorces different from regular divorces.
For starters, the kinds of assets that a couple must divide usually differ between an affluent couple’s and an ordinary couple’s divorce. For instance, the wealth of many affluent people is in stocks rather than cash. Part of the reason for this is that receiving lucrative stock options at quickly growing companies is becoming increasingly popular.
The challenge with stocks, though, is valuing them and then dividing them in a fair manner can be far trickier than simply dividing cash. In the same way, splitting stocks may be more involved than dividing cars or retirement savings — the types of assets often split in ordinary divorce proceedings. In addition, affluent couples may battle over high-value collectibles — the types of assets that may not necessarily exist in regular divorce proceedings.
However, whether two people are rich or not, navigating divorce is never a simple process when assets have to be divided and alimony has to be decided. This is why an attorney’s guidance can be extremely valuable during the divorce process. An attorney in New York can help a spouse who is going through divorce to seek the best outcome for himself or herself in light of the circumstances surrounding the divorce.