Saying "I do" can be the best experience of a person's life. For a high earner, it can also be the scariest. Protecting important assets -- including everything in the bank -- can be a nightmare during a high asset divorce, which makes prenuptial agreements an obvious and effective tool for New York couples. But just how will some of those prenups hold up in the face of the looming change to tax law?
Many New York residents with a considerable amount of money often utilize prenuptial agreements. Though these documents may help stipulate how certain aspects of a high asset divorce may be handled, they can still result in individuals coming out of the process with a significant settlement. The prenup of Harvey Weinstein and Georgina Chapman could result in such outcomes.
Earning a considerable amount of wealth during one's lifetime can often bring about a sense of pride and accomplishment. Being able to provide for a family with a substantial income may also allow individuals to feel a sense of comfort. However, if a marriage comes to an end, the idea of high asset divorce can seem daunting.
Marital disputes may lead many New York residents to decide to end their relationships, but unfortunately, that decision does not necessarily mean the disputes will end. Going through a high asset divorce may set individuals up for arguments and drawn-out legal battles as they work toward a settlement. However, if individuals end up with their desired goals, the process may seem worth the effort.
Any significant life change can have serious impacts on a New York resident's life. High asset divorce is one of those life events, and in many cases, an individual's finances can take a considerable hit. Though wealthy parties certainly understand how to manage their finances in a manner that keeps their fortunes secure, they may find themselves out of their element when it comes to divorce.
Dividing your marital estate in a divorce is a complicated and sometimes frightening process. This can be especially true when you have substantial and/or sophisticated assets to consider. However, between you, your ex, your attorneys and any financial professionals hired, your assets should be properly accounted for and valued.