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The biggest challenges that I face in dealing with high net worth divorces is locating all of the assets, valuing all of the assets, and making sure that at the end of the day the total value of the pot of assets that the couple has acquired are divided equally, or should I say equitably between the parties.
We don’t say equally because sometimes there’s an ability of one spouse to not have the same kind of capacity to earn as the other spouse so, we like to call it equitable and fair under the circumstances. So that, particularly in a long term marriage where someone has grown accustomed to a lifestyle and has been very much a part of the acquisition of that wealth either through direct or indirect contributions, that they get a fair share of those assets that they are able to move on and continue as much as possible in that lifestyle they had grown accustomed to.
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NY family law attorney Ken Jewell talks about the biggest challenges he faces in high net-worth cases. He highlights that the biggest challenges in handling high-net-worth divorces lie in locating all of the assets, accurately valuing them, and ensuring that the total pool of assets acquired by the couple is divided equitably between the parties. While the term “equitable” is used rather than “equal,” it reflects the need to account for differences in each spouse’s capacity to earn.
In long-term marriages, especially, one spouse may have become accustomed to a particular lifestyle and contributed—either directly or indirectly—to the acquisition of wealth. The goal is to ensure that each spouse receives a fair portion of the assets, allowing them to move forward while maintaining as much of the lifestyle they had grown accustomed to as possible.
