Evaluating Assets During a High Net Worth Divorce in Manhattan NY
Any item that has a monetary value whether it is tangible or intangible is considered an asset. A couple who is divorcing has the option to cash in their assets by selling them. They can also withdraw funds from an account or cash out insurance.
Some Examples of Assets and a High Net Worth Divorce Include:
Real Estate: real estate can include properties such as a home, land, or even a commercial investment property.
Savings and Checking Accounts: cash that is stored in bank accounts and safe deposit boxes.
401K and Retirement Plans: Annuities, stocks, bonds, and life insurance are also examples of assets.
Personal Property: personal property refers to everything that is owned by the couple that is not real estate. This may include family heirlooms, furniture, artwork, appliances, jewelry, cars, trucks, boats, and recreational vehicles, and pets too.
What is the Valuation and Division of Assets?
Divorcing couples should make sure that they have a clear understanding of what belongs to them personally and what is considered community property. Divorcing couples are required to make a list of all their assets and when it is a high net worth divorce, the assets can actually be quite complex. Therefore, it is imperative to be very detailed and not forget to list any of the assets.
There may be multiple retirement accounts, real estate properties, savings accounts, and assets that are held in not-so-common places. Which may include NFTs, expensive art, high-fashion collections, yachts, investments, and jewelry.
Get Your Assets Documentation in Order and Consult an Expert Who Can Assist with Valuation
Gathering all this documentation and information may not be a quick and easy task. Not everyone has all these assets in order; if that's the case it's going to take a little bit of commitment to gather all these documents and put them into an orderly fashion. If you have to go to court the court will require them, and even your divorce mediator will need this information to help you with your divorce case.
Every single asset needs to be accurately valued and therefore you may need to hire an expert who can help with the valuation of the assets. A lot of things must be taken into consideration, such as consequences of liquidation, transfer and division of those assets, and also transferring or paying out those assets to the spouse when they do get awarded.
Need Assistance with Separating Assets for Your High Net Worth Divorce in Manhattan, NY?
Contact Sabra Law Group today for a confidential consultation at (646) 472-7971. Sabra Law Group is experienced in handling high net worth divorce cases in New York City.