Trusted NYC Attorney For Complex And High-Asset Divorce
If your divorce will involve dividing vacation or investment real estate, a family business or professional practice, or other unusual or complex assets, your divorce lawyer needs to be aware of both the legal issues and the financial consequences of the available choices. When attorneys fail to properly address these sophisticated matters, it can be difficult – if not impossible – to reverse these mistakes. Hiring a qualified attorney who thoroughly understands these matters can help prevent future headaches from emerging. That’s why you should contact Philip A. Greenberg, P.C., Attorneys at Law.
After more than 40 years in practice, attorney Philip A. Greenberg has substantial experience helping wealthier clients in both New York and New Jersey achieve truly equitable divisions of their property based on accurate valuations and a full understanding of the complexities. Mr. Greenberg has decades of experience helping people like you. He will always put your needs first.
Dividing Complex And Unusual Assets During Divorce
While most divorces include the division of property and debt, that division can become quite complex for high net worth individuals. Depending on your unique situation, you might need to divide assets like:
- A family business, partnership or professional practice
- Real estate investments and vacation properties
- Stock, bond and investment portfolios
- Intellectual property assets such as royalties, copyrights and trade secrets
- Income from trusts or annuities
Because attorney Greenberg has so much experience in business and corporate law, real estate law, and civil litigation, he has an exceptionally broad base of knowledge about these issues as they relate to divorce.
Concerned that your spouse may have hidden assets or concealed income to prevent them from being considered? Every account, source of income, asset and debt must be identified in the divorce, even if they will not ultimately be divided. Mr. Greenberg works with valuation experts and forensic accountants to ensure that clients are fully informed about their financial positions.
Frequently Asked Questions About High Net Worth Divorce in NYC
The attorney at Philip A. Greenberg, P.C., Attorneys at Law, understands that clients facing high net worth divorces often have important questions about the process. Below are answers to some commonly asked questions to help you better understand what to expect.
How much does a divorce attorney cost?
The cost of a divorce attorney for high net worth cases typically ranges from $350 to $900 per hour, depending on the attorney’s experience and location in Manhattan. High net worth divorces generally require more extensive work related to complex asset division, business valuations and potential tax implications. Most clients can expect to pay between $25,000 and $100,000, or more, for comprehensive representation, though costs may increase significantly when cases involve disputed business interests, international assets or contentious custody matters. Philip A. Greenberg, P.C., Attorneys at Law, provides transparent fee structures and discusses financial expectations during initial consultations.
How long does the divorce process take?
High net worth divorces in New York typically take between nine and 18 months to complete, though more complex cases can extend beyond two years. Factors that affect the timeline include the complexity of asset portfolios, business valuations required, the level of conflict between parties and court scheduling in Manhattan. Collaborative approaches or mediation can sometimes reduce this time frame, while litigation generally extends it. Each case timeline is unique and depends largely on the willingness of both parties to disclose financial information and reach reasonable agreements.
What should I expect during the divorce process in New York, from filing to finalization?
The Manhattan high net worth divorce process begins with filing a summons with notice, or summons and complaint. Financial disclosure follows, which is particularly detailed for high net worth cases and includes comprehensive statements of net worth, business valuations and asset appraisals. Temporary orders regarding support and living arrangements may be established early in the process.
The discovery phase involves gathering and analyzing financial documentation, which is often extensive in high-asset cases. This may include depositions, forensic accounting and property appraisals. Settlement negotiations occur throughout the process, with court appearances scheduled as needed.
If an agreement is reached, the parties submit a settlement agreement to the court. If not, a trial will be scheduled, during which a judge will make final determinations on all disputed issues. Once approved, the court issues the final judgment of divorce, legally ending the marriage and implementing all financial and custody arrangements.
What unique challenges do high net worth divorces present in Manhattan?
High net worth divorces in Manhattan face distinct challenges beyond typical cases. Privacy concerns become critical as required financial disclosures can expose sensitive information about businesses, investments and personal wealth. This is particularly problematic for public figures and executives.
Valuation disputes frequently arise with complex assets like privately held businesses, professional practices and restricted stock options, often requiring multiple experts with competing methodologies. Tax implications are considerably more complex, affecting capital gains, property transfers and retirement distributions.
Manhattan’s competitive real estate market creates additional complications when valuing multiple properties, particularly those in trusts or LLCs. These challenges typically extend the divorce timeline and significantly increase costs compared to standard divorces.
How is the division of complex assets handled in a high net worth divorce?
Division begins with comprehensive identification and valuation by specialized financial professionals. Business interests require formal valuations examining revenue streams, growth potential and goodwill, often considering discount factors for lack of marketability or minority interests.
Real estate portfolios need professional appraisals, accounting for market conditions and potential appreciation. Stock options and restricted stock units require specialized methods that consider vesting schedules and tax implications.
Division strategies might include in-kind distribution, buy-out arrangements or structured settlements with payments over time. Creative solutions often emerge during negotiations, such as continued co-ownership of certain assets or deferred sales to maximize value and minimize tax consequences.
What strategies can protect financial interests during a high net worth divorce in New York?
Protective strategies start with comprehensive financial documentation to prevent claims of hidden assets. Engaging financial assistance early, including forensic accountants and tax specialists, provides critical insights and strengthens your position.
Maintaining separate finances during proceedings establishes clear records and prevents commingling. Business owners should implement operational safeguards like management agreements to preserve business value during litigation.
Alternative dispute resolution methods often provide better outcomes than litigation by keeping financial matters private and allowing more creative solutions. When settlement seems unlikely, thorough preparation for trial with comprehensive financial exhibits and expert testimony becomes essential to protect your interests in court.
Contact The Firm Today To Discuss Your Concerns
Cases involving significant or unusual assets require focused, hands-on care. Mr. Greenberg can explain your legal options and protect your rights. He is sensitive to the emotional issues that are often inherent in family law matters and is dedicated to helping his clients solve them advantageously and cost-efficiently.
To discuss your needs and legal options, call 332-262-6760 or contact Mr. Greenberg by email. He can meet with you in his Manhattan office or in a location convenient to you.