Fairport High Asset Divorce Lawyer

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Fairport High Asset Divorce Lawyer

Fairport High Asset Divorce Attorney

The divorce process can be confusing and complicated in the state of New York, especially when the parties involved have a high net worth. If you have a significant amount of wealth and are facing a divorce, it’s important to seek guidance from an attorney as soon as possible. Furthermore, not all attorneys have an understanding of the complexities involved with high net worth divorces. To successfully navigate this situation, you need a trusted Fairport high asset divorce lawyer.

Trotto Law Firm, P.C., was founded on the principle of compassionate representation. We understand how difficult and exhausting the experience of going through a divorce can be for many people. Our legal team recognizes that individuals with complex estates involving a wealth of assets and property need a high level of attention for their divorce cases. We have experience representing clients in high asset divorce.

You’ve worked hard to build your wealth. You can trust Trotto Law Firm, P.C., to help you come to a divorce agreement that allows you to keep the property and assets that are rightfully yours, according to the equitable distribution law for divorces in New York.

Fairport High Asset Divorce Lawyer

Understanding Contested and Uncontested Divorces in New York

As you begin to work through the divorce process, it’s important to recognize the differences between an uncontested divorce and a contested divorce. That way, you can make an informed decision about how to proceed with your case.

In uncontested divorces, the parties involved come to an agreement about the terms of their divorce. This offers the potential advantage of finalizing your divorce faster and without the costs associated with going to court and having a judge decide the terms.

To qualify for an uncontested divorce, you must be in agreement with your spouse about how your marital property and finances will be handled. A collaborative divorce attorney can help you reach this agreement if you’re willing to negotiate with your spouse.

If the parties involved in a divorce are not willing to negotiate, the divorce is considered to be contested. In New York, contested divorces are heard in front of the state Supreme Court and could require multiple court dates before a judge makes a ruling on the terms of your divorce. The expenses associated with contested divorces can be high, and the process can be lengthy and stressful. However, it’s understandable that in some cases, parties are not willing to negotiate.

In high net worth divorces, an uncontested divorce could be the better option. Working with a high asset divorce lawyer, like Johnathan C. Trotto at Trotto Law Firm, P.C., can help you reach an agreement about how your property and assets will be divided between you and your spouse.

The Requirement for a Statement of Net Worth

If you’re going through a divorce in Fairport, New York, you can expect to file a Statement of Net Worth. This official sworn statement, which you are required to sign in front of a notary public, outlines all your financial information in great detail. Examples of what could be included in a Statement of Net Worth are as follows:

  • Housing and living expenses, like food, clothing, and household maintenance costs
  • Your gross income and tax withholdings
  • Assets like cash, checking and savings accounts, stocks, and bonds
  • Any vehicles you own, including automobiles, boats, or airplanes
  • Real estate, whether you occupy it or own it as an investment property
  • Valuables, such as jewelry, collectible artwork, and antiques

For each item listed, you must include the current estimated value. The Statement of Net Worth can be key to the outcome of your divorce. Because this sworn statement involves a high amount of detail, especially for individuals with significant wealth, hiring an attorney to help you develop your Statement of Net Worth could be beneficial for your case.

FAQs

Q: How Much Is a Contested Divorce in NY?

 The costs of a contested divorce in New York depend on the unique circumstances of each case. Because a contested divorce involves presenting your case in front of the state Supreme Court, the costs would likely be higher than an uncontested divorce that is settled outside of court. It’s recommended that you consult with an attorney to understand the potential costs of your divorce case.

Q: Why Is Divorce So Expensive?

A: The reason divorces can be expensive is due to a number of factors. From court fees for filing divorce paperwork to the costs of divorce litigation and attorney fees, the expenses associated with the divorce process can compile and create a significant financial burden. An uncontested divorce, in which both parties agree to the terms of their divorce agreement, might cost less than a contested divorce that is settled in court.

Q: Who Gets the House in a Divorce in NY?

A: In New York divorces, the person who gets the house will depend on the financial circumstances of the parties involved. New York follows the equitable distribution law, which means that property is divided equitably or fairly. New York is not a 50/50 state for divorces. The court may consider more than a dozen factors to determine who gets the house in a divorce in New York.

Q: What Is a Wife Entitled to in a Divorce in New York State?

A: A wife in a divorce in New York State is entitled to an equitable portion of the marital property under the equitable distribution law. With some exceptions, marital property is any asset or property that was obtained by one or both parties during a marriage. In most cases, a wife is not entitled to separate property, which is property or financial assets that were obtained or accrued prior to a marriage.

Seek Guidance From Trotto Law Firm, P.C.

If you have a high net worth and are facing a divorce, you need to be proactive in protecting the assets that you’re legally entitled to keep, according to New York divorce law. Trotto Law Firm, P.C., can help you preserve your wealth by developing a legal strategy for reaching an optimal outcome for your divorce agreement. Contact us as soon as possible to request a consultation.

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