If you and your spouse have a combined net worth of $1 million or more, your divorce will be considered high net worth. High net worth divorces deal with all the normal aspects of a regular divorce, which may include child custody, child support, division of assets, spousal support, and more. However, a high net worth divorce can be more complex, as the more assets a couple has, the more difficult it can be to divide. Read on to learn more about high net worth divorces in New Jersey.
What assets may be distributed in a high net worth divorce?
A high net worth divorce may involve distributing assets including:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
Your assets will be divided through the process of equitable distribution. This means that your assets will be divided equitably, rather than equally. For example, your assets likely won’t be divided in a 50/50 split, but rather in a way that is fair to both parties. In order to determine what is fair, a judge will look at each party’s income, how they contributed to the marriage, a child custody agreement if there is one, and more.
Experts involved in a high net worth divorce:
Sometimes, 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. For example, if one spouse attempts to hide assets, an IRS investigation may become necessary.
How can I protect my assets?
When it comes to a high net worth divorce, one of the best ways to protect your assets is with a prenuptial agreement. This is a legal document that declares how your assets will be divided in the event that your marriage comes to an end. If you did not create a prenuptial agreement before your marriage, you can still create a postnuptial agreement. A postnuptial agreement is the same document, only created during the marriage, rather than before. Another important step is working with the right attorney. It is important to work with a divorce attorney who has experience with high net worth divorce, understands the process, and knows what to look out for.
If you are getting divorced in New Jersey, our firm is here to help. We will advocate for you every step of the way. Reach out today to discuss your case with an experienced and dedicated divorce attorney.
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If you need assistance with any family law issue, contact Greenberg & Walden, LLC today.