Some divorces are more complicated than others. For example, high net worth divorces often take longer than others. This is because the more assets a couple has, the more there is to valuate and distribute. However, working with the right attorney can make the process much easier. 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 makes the process different?
A high net worth divorce is similar to any other divorce, in that the couple will have to settle matters such as spousal support, the division of assets, and child custody and child support if the couple has young children. However, a high net worth divorce may deal with different assets. These assets may include:
- 401(k)
- Stocks
- Bonds
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
- Pensions
- Benefits
Who is involved in a high net worth divorce?
Another difference between high net worth divorces and other types of divorces is the parties involved. In order to distribute a couple’s assets, the court must first know the true value of these assets. In order to determine the value of the couple’s assets, experts may be brought in. This may include forensic accountants, certified public accountants, financial analysts, private investigators, and more.
How can I protect my assets?
If you are going through a high net worth divorce, you are likely wondering how you can protect your assets. One of the best ways to protect your assets is with a prenuptial agreement. This is a legal document that must be created before the couple gets married. The document will establish how a couple’s assets should be divided in the event that the marriage ends due to separation, divorce, or death. Because prenups deal with the end of a marriage before the marriage has even begun, many couples avoid even discussing prenups due to their negative connotations. However, a prenuptial agreement can protect both parties and in no way indicates an unstable marriage. If you got married without a prenup, you can still create a postnuptial agreement. This document has the same purpose. The main difference is that it is created during the marriage, rather than before.
If you are getting divorced in New Jersey, our firm is here to help. Reach out today to discuss your case with an experienced attorney.
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If you require strong and dedicated representation for any family law, criminal defense, business law, real estate law, or estate planning matter, contact The Law Offices of George J. Mardinly to schedule a consultation.