High Net Worth Divorce in New York: Comparing TV Drama to Real Life
While you may have personal experience with New York high net worth divorce issues on your own or through others, there is a good chance that at least some of what you know about the process comes through TV and film. The stories certainly keep us hooked with their drama and cliffhangers, but they are not so helpful if you are trying to make sense of divorce from a legal standpoint. In fact, some of the fictional accounts could even harm your interests if you make assumptions or believe the misconceptions that exist in an imaginary world.
If you are contemplating divorce or currently going through the process, save the TV drama for entertainment purposes. Trust a New York high net worth divorce lawyer to handle your case and the associated complexities. Still, you might find it helpful to compare how fiction is very different from reality.
1. TV divorce is a win-lose game. Quite to the contrary in reality, since there is no judgment in favor of one spouse or the other in terms of who receives all the assets. In all divorces, including those with a high value, New York’s divorce statutes require equitable distribution of all marital assets. The analysis for property division involves:
Separating real estate and personal assets acquired during the marriage from items each party owned before getting married; and then,
Distributing all marital assets between the parties equitably, focusing on fairness in justice in dividing property. This may or may not mean a 50-50 split.
2. Alimony goes to the TV wife. The courtroom might gasp at how TV judges handle alimony, but spousal support works according to statute in a New York divorce. The state law on spousal maintenance allows either party to request alimony; a judge will often award it to a lower earning spouse based upon the financial status of each party, need, and other factors.
3. A cheating spouse’s adultery tips the scale. Do not expect to walk away with a windfall like the scorned spouse in your favorite drama. Cheating has no bearing on property division or alimony in a New York divorce, though it does affect the grounds upon which parties file. Under New York law on divorce actions, you can claim that you are requesting the court to end your marriage on account of your spouse’s adultery. You are not required to do so, however, since you can file on no-fault grounds if you have been separated for at least a year.
4. Your TV hero suffers through a long, drawn out court battle. If the drama did not extend to the next episode, you would not tune in. Ratings do not matter in a real-life high net worth divorce, where parties are encouraged to reach an agreement on alimony and asset division. You might be able to work out a compromise with your spouse, especially when you work the discussion through your respective attorneys. You may also consider the mediation process as a way to resolve asset and support issues without having to go to court.
Get Information You Can Use New York High Net Worth Attorney
From the above points, you can see that watching TV will not help your situation when going through divorce in New York. You need solid legal counsel to assist with the complicated issues that arise in real-life proceedings, so please contact The Mandel Law Firm to learn how we can help. You can reach us at (646) 770-3868 or via our website to schedule a consultation at our Manhattan office. Once high net worth lawyers review your circumstances, we can advise you on strategies.