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long island high net worth lawyers

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Welcome to the Spodek Law Group - a premier, and top rated, divorce law firm.





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" Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them..."

David Bruce

" Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet."

Rowlin Garcia

" Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind."

Francis Anim
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long island high net worth lawyers

Divorces can be emotionally taxing and can create a financial burden on the ones involved. It is also more challenging to solve divorces involving high-net worth people due to the complexity of assets involved. This web page will cover the financial issues involved in high-net worth divorces, the common pitfalls mistakes you ought to avoid, and why you should hire a Long Island high net worth lawyer.

Division of Property in Complex High-Net Worth Divorces

Like in other divorce cases, high net worth divorces involve issues like alimony, child support, and child custody. However, these types of divorces are different when it comes to dividing marital property. The property and assets in these kinds of cases is complex, the tax considerations are substantial, and dividing property fairly is more difficult compared to other cases. Furthermore, cases involving family businesses tend to be very complicated. If both you and your spouse are running a family business, the business needs to be valuated, and the assets examined.

Many high net worth cases involve dividing assets such as:

 

Trusts and Stock Options

· Offshore and Multiple Bank Accounts

· Real Estate Investments

· Savings, Pensions and 401(k)s

· Enhanced Earnings

· Business Ventures

Common Mistakes in High-Net Worth Divorces

Hiding Assets

In many divorce cases, it is not unusual to hear that one of the spouses has transferred valuable assets to a third party like a child from another marriage, or a business partner. These transfers are deemed to be fraudulent and can cause you to lose your credibility in court. The other mistake would be not to investigate your spouse for hidden assets.

Failing to Give An Account Of Your Assets and Liabilities

When you are involved in a divorce, you need to fill a financial affidavit and show financial documents to prove your assets or liabilities. Failing to take this inventory will leave you with liabilities that are not yours or cause you to surrender alimony or assets you are not obligated to provide.

Failing to Determine The Tax Consequences

One of the biggest mistakes people make during high net worth divorces is ignoring the implications of taxes. When you get divorced and you get certain assets, you may be liable to pay taxes on distributions or to agree to alimony without bearing in mind how much you will remain with after paying taxes.

Desperate to Move On

Many spouses who are involved in divorces are desperate to get out of a marriage. This sort of desperation, whatever the reason, causes them to accept unreasonable terms. Agreeing to terms, like division of assets or liabilities and alimony, just to be away from someone can be costly in the long run.

Marital Versus Separate Property

High net worth cases present problems when it comes to ownership. In marriage, there is separate and marital propertySeparate property is all the property that each spouse brought to the marriage while marital property is any property they acquired during their marriage. It is hard to distinguish between marital property and separate property especially with regards to property that has an increasing value. One way many spouses are able to avoid disputes involving marital and separate property is by getting into pre-nuptial or post-nuptial agreements.

Reasons You Need to Hire a High Net Worth Divorce Lawyer

Valuation of Wealth

The valuation of wealth requires expert analysis and opinions. Getting the best person to conduct a valuation can make the difference between winning and losing your case. It is crucial to hire a lawyer who can evaluate the experts and who will know how to choose the right person to carry out the valuation of your wealth.

Forensic Investigation

If either spouse has complex financial concerns, it will be important to involve a seasoned lawyer to carry out forensic investigation. Your lawyer will help you determine whether there are hidden assets, and whether the value of assets and liabilities is accurate. Your lawyer will also help you realize the tax obligations that come with the possession of certain assets.

Division of Property

A divorce is an emotional time for the parties involved. It is during this time that you need someone to keep you in check and help you maintain a level head. Agreeing to the distribution of certain assets or liabilities can have serious consequences for you. The role of a lawyer is to ensure that you make informed decisions, and that any distribution or settlement you agree to is fair and reasonable.

Summing It Up

A high net worth divorce is a type of divorce case that involves individuals with assets and liabilities worth a fortune. Some of the pit falls you should avoid in these cases is hiding assets, failing to valuate your assets, acting emotionally, and failing to have a pre/post nuptial agreement. Hiring a lawyer to represent you in a high net worth divorce case can greatly improve your chances of a quick and fair settlement.


Based on 362 reviews.
Charle Butler
Charle Butler
2021-03-12
Verified
I was hesitant to hire the Spodek Law Group. I read reviews and knew they have a great reputation. However, I thought I would spend money and not see or speak to my attorney. From the beginning to end of my case Todd and the entire staff were available and willing to help. We worked towards and end result that was way above my expectation and Todd delivered. I am forever grateful for patience and long days and night spent working on my case. Thanks Todd and the entire team!
Mesonista parsons
Mesonista parsons
2021-03-05
Verified
My attorney at Spodek was Abigail. She was very knowledgeable and helpful with all my questions and concerns, as well as responsive. Her fees are affordable and Abigail took the time to make sure I understood everything relating to my case. I highly recommend Abigail and will request her services in the future.
debabrata chakraborty
debabrata chakraborty
2021-03-03
Verified
Todd A Spodek is the experienced and best criminal lawyer at USA. He is very professional and always respond on time. Alex also very cooperative and always help me. They took care me and my problem like family member. I am 100% satisfied for their professional service. My result was unexpected and amazing. They dismissed my case. I am really grateful to them. I will recommend you to go there if you want to solve your problem. I wish all the best for them.
Asata Hendricks
Asata Hendricks
2021-03-02
Verified
Truly appreciate the work the guys did!. Exceptional team & I know they care about each and everyone of their clients. I am super thankful to be referred to Spodek Law Group and I am grateful Todd & Alex were able to work diligently to achieve an outcome I am pleased with. Despite COVID they stayed on top of things and kept me informed every step of the way. Very thankful.
Mike Moroff
Mike Moroff
2021-02-26
Verified
I'm very satisfied with the services rendered by Todd, Alex and Mary Lou. I whole heartedly recommend Spodek Law Group . I've worked with and have retained other attorneys in the past with Todd's firm being the cream of the crop for many reasons. A very serious legal matter was resolved after a year's hard work and effort. Todd expertly guided me through the process and was able to navigate and make the good journey bearable as well as successful. Mary Lou initially provided excellent assistance before referring my case to Todd. Alex's support was effective and timely. The customer portal (MyCase) is an invaluable communication tool that also kept track of my case. Various aspects of my case were explained and there were several options provided but I made the final decision of how the case would be handled. The legal fee was reasonable considering the effort and amount of work plus it was a flat fee regardless of the length of time required to conclude my case. Todd made himself available to me and we had many scheduled meetings to go over the progress and to discuss the next steps. I felt more confident after many discussions with him. You will not go wrong choosing Spodek Law Group for legal matters.
Josh Katz
Josh Katz
2021-02-24
Verified
Being that it was the first time that I was in need of an attorney, I was afraid and hesitant and knew I needed the absolute best. It is beyond understood why Spodek Law Group has a reputation of being the top, if not the best law firm in New York. Alex and Abigail were there every step of the way even at the most unconvenient hours. I could not have asked for more. They are extremely good at what they do and they delivered much much more than just winning my case. A big thank you to Alex and Abigail for all the guidance and counseling and their upmost loyal support that extended far more than just legally. If you need the absolute best than don't hesitate to hire Spodek Law Firm.
L.C.
L.C.
2021-02-24
Verified
I cannot tell you how thankful I am to Todd and Alex for their hard work and dedication to my case. I had never been in any trouble before but I had an unfortunate event occur and in the midst of COVID-19 at that therefore I knew I needed a team that was dedicated to my success. Today- my case has been finalized and I’m walking away with no record and can continue life as a mother and a Grad student worry free. I cannot express enough gratitude for their assistance.
AnnMarie Soliman
AnnMarie Soliman
2021-02-23
Verified
I received a summons and called Spodek law group for a free consultation. Alex took my call and was very quick and responsive. He was available anytime through multiple platforms and very reassuring when needed. They are extremely organized and thorough. They got my case dismissed! I’m very grateful. Thank you Alex and Todd!

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Testimonials

Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them enough.

~ David Bruce

Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet.

~ Rowlin Garcia

Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind.

~ Francis Anim

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