Divorces are complicated, some more so than others. The more assets a couple has, the more difficult splitting up these assets can become. For this reason, high net worth divorces are defined differently than other divorces. So what constitutes a high net worth divorce? How can you best protect your assets? 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 has combined assets of $1 million or more.
Preventative Planning
One of the best ways to avoid conflict in a high net worth divorce is to create a prenuptial agreement before your marriage. A prenuptial agreement is a document that states how your assets will be split between you and your spouse in the event of a divorce. Many people do not create prenuptial agreements because they believe it may negatively impact their relationships. In reality, a prenuptial agreement can greatly benefit both you and your partner and in no way implies a future divorce. If you have chosen not to create a prenuptial agreement, you can still create a postnuptial agreement. This is the same document, just created and signed after a couple has been married, instead of before. Regardless, your best option when it comes to a high net worth divorce is to retain a skilled divorce attorney
What Assets are Considered?
A high net worth divorce deals with all the same issues of a regular divorce. For example, the couple will have to decide upon matters of child custody, child support, and alimony. Things may become more complicated when it comes to the division of assets. Some of the assets that may be considered during a high net worth divorce include:
- Real estate properties
- Family businesses
- Retirement funds
- 401Ks
- Debts and liabilities acquired during the marriage
- Stocks, bonds, and other investments
- Collectible items
- Automobiles
- Jewelry
A high net worth divorce can become complicated, so it is important to have strong legal support. For example, finances are not always equal in a marriage. If you are the spouse with more assets, you will want an attorney who will work to protect your assets. If you are the spouse with fewer assets, you will want an attorney who will fight to make sure you get the assets you deserve. Regardless of your position, you will need a skilled attorney on your side.
Contact our Firm
We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928.
