Divorces are seldom an easy process to go through. When many assets were acquired throughout the marriage, it becomes even more difficult. These situations, known as high asset divorce, is a more involved process than ordinary divorces. At Simonetti & Associates, our team can help with this. If you’re going through a high asset divorce on Long Island, don’t you shouldn’t hesitate to schedule a consultation with us.
What Is A High Asset Divorce?
It’s essential to understand that high asset divorces differ from regular divorces. A high asset divorce on Long Island occurs when both spouses have a considerable amount of assets that need to be divided. Both parties will undoubtedly want to keep each of their assets protected, meaning a lawyer specializing in this field will be required. Our team at Simonetti & Associates can work to protect even your most entangled assets, allowing you to receive a favorable outcome.
Community Vs. Separate Assets
In any divorce, even a high asset divorce on Long Island, legal teams need to differentiate between community and separate assets. Community assets are jointly owned and can be split in court between the two parties. Separate assets, however, are solely owned by one of the spouses. These assets cannot be split up, and in high asset divorces, there are likely to be many of these. Examples of separate assets that our team will protect include:
- One spouse owns the property before the marriage.
- Inheritances that were received before the marriage.
- Gifts that one spouse is given before marriage.
- Assets that are acquired explicitly in one person’s name.
Why Work With Simonetti & Associates
When you’re going through a high asset divorce on Long Island, you must work with the right legal team. Here at Simonetti & Associates, we are well versed in dealing with these types of cases. There are various reasons to hire us for representation, including the below:
- We’ll confirm which assets are separate, so they are not unfairly distributed.
- Ensure your spouse does not receive unfair alimony or support packages.
- Manage any out-of-state or international assets.
Contact Us For High Asset Divorce on Long Island Services
Divorces can be complicated for all parties involved. Here at Simonetti & Associates, we can handle any situation that comes our way. If you’re going through a high asset divorce on Long Island, we’ll be there to help. To schedule a free consultation to determine your course of action, be sure to contact our team today.