Juan Luciano Divorce Lawyer Discusses High Net Worth Divorce Cases on Upper East Side, Lenox Hill and Yorkville
Manhattan, NY -- There are few more challenging family law cases than high net worth divorces. Given the emotional charge in addition to the high financial stakes, high net worth divorces on the Upper East Side including Lenox Hill and Yorkville, must be dealt with carefully. And, in many cases, the strategy will be dependent on which spouse is being represented.
“In high asset divorces, there is typically one party who has the majority of access to information regarding financial assets, documents, business information, and other matters of financial concern. The other spouse typically has a more limited knowledge with less access to documents. Depending on the couple, there can be a lot of disparity in who has access to or knowledge of important financial information. Consequently, the lawyer who is representing either party will have a very different strategy in order to understand the larger picture and move forward to a fair resolution.”
Although high net worth divorce lawyers want to rely on both parties to responsibly disclose financial information, there can be a lack of transparency in some high net worth cases, whether intentional or unintentional. In the case of the spouse with the lesser degree of knowledge and access to documents, even after the attorney has received copies of requested documentation from the other party, the represented spouse may not know if it is comprehensive or even correct.
“When representing the spouse with the lesser access to financial information, I will hire a forensic accountant right at the beginning. This ensures a thorough analysis of the couple’s finances and helps me to manage expectations for my client. Unfortunately, divorces often demand a change in lifestyle for some parties and it’s important to understand the implications at the beginning so the client can make responsible choices for housing and expenses at the onset. When we can get reliable financial records, we can have intelligent conversations regarding spousal and child support and appropriate financial management.”
In cases where a spouse is not willing to adjust their lifestyle, the court can see this spouse adversely and make determinations accordingly. This can often work against them before the divorce is finalized whereas a client who is willing to be realistic about a post-divorce lifestyle can be viewed in a more advantageous light. This is the fine line that is often required with high net worth cases.
Conversely, the Upper East Side divorce lawyer representing the spouse with the majority of financial control needs to counsel their client of the need for disclosure. In addition, that spouse must understand that they no longer have control over the expenditures of the other party. This may be very difficult for a spouse who has had complete control of the financial dealings of the couple.
As in all divorces, Mr. Luciano cautions that emotions will be high and adding high net worth finances can create an especially difficult dimension to any already simmering acrimony.
“With one or both parties being required to change their lifestyle, they’ll need to understand the impossibility of supporting two households in the same way as they did their one marital household. High net worth divorces are often subject to many more nuances and complications and both parties will need to understand how these affect them individually.”
Those interested can learn more about Mr. Luciano and his Manhattan family law practice on his website.
For more information about Juan Luciano Divorce Lawyer , contact the company here:
Juan Luciano Divorce Lawyer
347 5th Ave #1003
New York, NY 10016