Celebrity Divorces

Evaluating Assets During a High Net Worth Divorce in Manhattan NY

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.

 

 

 

 

 

 

 

 

 

 

 

Sabra Law Group Interview with Relationship Expert Vladimire Calixte

In this latest “Ask the Experts” blog series with Sabra Law Group, the law firm interviews New York based experts in child and marriage therapy. This particular interview is with Vladimire Calixte, Therapist, MA, CRC, LMHC, celebrity relationship therapist at Life Rebuilding in New York City. 

What are some ways parents going through a divorce can try to lessen their stress? 

“One of the most healthy ways parents going through a divorce can try to lessen their stress is to understand that with divorce comes grief. It's imperative to address the losses that come with going through a divorce. There's a saying: With change comes grief. Grieving is imperative as it allows everyone impacted by the divorce to process and to work through the ongoing and often multiple opposite emotions that arise. Grief allows parents to be radically honest about how they are feeling and why they are feeling this way. Finally, a vital practice when coping with loss and stress is to stock up on compassion. Although it's easier said than done, compassion for ourselves and others enables us to find ways to get through the most painful challenges.” 

What are some coping mechanisms for children suffering from the loss of a parent?

“Create an emotionally safe environment for children to be radically honest about what they are feeling through affirming, validating, and holding space. Children suffering from the loss of a parent need a safe way to work through very painful and often conflicting emotions.”

“Since our bodies keep score, we can help children navigate what they are feeling by inquiring about how their bodies are responding to the loss of a parent. A question like: Where in your body do you feel the sadness? What does it feel like?”

What are some things to look for when finding a great marriage or child therapist?

“I believe in the power of self-inquiry. As such, ask yourself the following:

1. Do you feel a genuine connection, which will allow you to feel safe to talk freely.

2. Cultural competence is a huge component. Additionally, does the marriage or child therapist show sensitivity toward your cultural background and values?

3. Does the therapeutic relationship feel like it is collaboratively? Are you in a partnership with your therapist?”

If you have a family law issue, contact the Sabra Law Group in Manhattan at (646) 472-7971. The firm’s expertise is in all forms of family law, such as alimony, divorce, prenuptial agreements, post-nuptial agreements, child custody battles, child support, domestic violence, and restraining orders. 

 

A Round-Up of Recent Celebrity Divorces

Are you aware of the recent big celebrity divorces? After all, divorce isn’t just for everyday folks. Those we idolize in the entertainment industry, famous politicians, actors, singers, reality stars, and uber-billionaires get divorced too. 

Indeed, it’s been reported that around 50 percent of all marriages will end in divorce or separation. Celebrities are people too, and under a lot of pressure and stress from everyday life  and more from being under the microscope.

Sometimes marriages last just months and other times years and even decades. Whether a spouse was cheating or just fell out of love or due to financial strain, marriages end for all sorts of reasons. But the fact of the matter is, divorce for many Americans is prevalent (including those we idolize). So it can be comforting knowing that you’re not the only one going through the process. 

Some notable recent celebrity divorces include the following: 

  • After over 10 years after famous journalist Maria Shriver sought to end her then-25-year marriage to Arnold Schwarzenegger, the once-governor of California and actor, a Los Angeles judge finally granted their divorce. 

  • The billionaire co-founder of Microsoft, Bill Gates, divorced from hubby Melinda Gates after 27 years of marriage. However, the duo maintained that they’d continue working together on their philanthropist venture at the Bill and Melinda Gates Foundation. 

  • After almost 24 years, rapper icon and music producer Dr. Dre finalized his divorce with a $100 million settlement to Nicole Young.  

  • The creator of the hit show ‘Gossip Girl’, Josh Schwartz, filed for divorce after 13 years of marriage. Schwartz is reportedly worth $70 million. 

  • Reality TV star Kim Kardashian West had asked to be “legally single” as a form of separation from her ex partner, singer Kanye West. The pair married in May 2014 and have four children together. 

The good news is there are qualified experts to assist you with any family law issue you have. You don’t have to suffer in silence if you’re unhappy. Protect your assets, ensure you're fairly compensated, get full or partial custody of your children, and more. Put simply, end the pain and suffering and move forward with your life. 

If you’re considering a divorce or a prenuptial agreement or have a child custody or child support issue or suffering from domestic violence, contact the Sabra Law Group in Manhattan at (646) 472-7971.