By Randy S. Margulis | Published September 15, 2022 | Posted in Divorce | Tagged Tags: high net worth divorce, property division, tax implications | Comments Off on Critical Factors in a High Net Worth Divorce
A New York divorce is considered “high net worth” if the couple has $1 million or more in net liquid assets that are subject to equitable distribution. Often, these couples also have ownership interests in other assets that are difficult to value and split. That alone can make a divorce more complicated, but because the Read More
Read MoreA 2011 Kings County case demonstrates that serious consideration of tax implications is crucial in a divorce. The husband’s gross income was $107,953 and the wife’s was $11,660. After payment of alimony, child support and taxes, the husband took home $41,000 per year and the wife’s income was $58,253. Be sure to review IRS Publication Read More
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