There are different types of divorces for different situations. Some couples may find themselves involved in a high net worth divorce. Read on to learn more about the process of a high net worth divorce in New Jersey.
What is a high net worth divorce?
A high net worth divorce takes place when the divorcing couple has a combined net worth of over $1 million.
What assets will be divided?
When it comes to a divorce, the couple will have to divide their assets. However, in the case of a high net worth divorce, there may be more assets to divide, as well as more complex assets involved. These assets may include:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
- Pensions
- Benefits
- 401(k)
- Stocks
- Bonds
Hiding assets
Individuals work hard for their assets. As a result, many worry about losing their hard-earned assets in a divorce. Some attempt to hide their assets to avoid having to share them. However, this is not a good idea. In high net worth divorce, forensic accountants and other experts are often involved. If your spouse or his or her attorney believes you may be hiding assets, the IRS may conduct an investigation. This can lead to serious financial and legal trouble. A better way to protect your assets is by creating a prenuptial agreement. A prenuptial agreement states how your and your assets should be divided in the event of death, divorce, or separation. Many couples shy away from creating a prenup, but in reality, it can protect both you and your spouse.
If you did not create a prenup before your marriage, you’re not out of luck. You can still create a postnuptial agreement. This is the same type of agreement, only it is created after the marriage has taken place, rather than before.
Another important aspect of protecting your assets is working with an experienced attorney. A dedicated divorce attorney will work to protect your assets.
If you are going through a high net worth divorce in New Jersey, our firm is here to help. Reach out today to speak with an experienced and dedicated attorney.
Contact our experienced New Jersey firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Russoniello & Dunn is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.
