Divorce is a stressful and emotional process. Unfortunately, a high net worth divorce can be even more difficult. This is because the more assets a couple has, the more difficult they can be to divide. As a result, it is important to work with a skilled divorce attorney. Read on to learn more about high net worth divorce in New Jersey.
What constitutes a high net worth divorce?
A high net worth divorce occurs when the couple’s combined net worth exceeds $1 million.
What assets will be affected?
In the case of any divorce, the couple will have to divide their assets. But, there may be complex assets to divide when it comes to a high net worth divorce. These assets may include:
- 401(k)
- Stocks
- Bonds
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
- Pensions
- Benefits
How can I protect my assets?
Some people think that they can simply hide some of their assets to avoid losing them. This is not a good idea. In some cases, high net worth divorces may also require forensic accountants, certified public accountants, financial analysts, private investigators, and more to be involved in the divorce process in the event that there are discrepancies. If discrepancies are found, the IRS may get involved, and you can find yourself in serious legal trouble. One of the best ways to protect your finances in the event of a divorce is by creating a prenuptial agreement.
What is a prenuptial agreement?
A prenuptial agreement is a legal document that declares how a couple’s assets will be divided in the event that the marriage comes to an end. Creating a prenup can help both you and your spouse protect your assets. Additionally, creating a prenup will allow you to have some important financial conversations before the wedding, rather than after. If you already got married without creating a prenup, you can create a post-nuptial agreement. This is the same type of agreement, but it is created after the marriage, rather than before.
If you have any questions about high net worth divorce or prenuptial/postnuptial agreements our firm is here to help. Reach out today to speak with an experienced and dedicated divorce attorney.
Contact our experienced Red Bank firm
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, please do not hesitate to contact The Law Offices of George J. Mardinly to schedule a consultation.