If you and your spouse share $1 million or more in net liquid assets, then your divorce will be considered a high net worth divorce. With this, your complex and high-value assets will undergo New Jersey’s equitable distribution law, where a judge will divide them up in a way that is deemed fair and just. Continue reading to learn how your high net divorce will work and how one of the experienced New Jersey high net worth divorce attorneys at Haber, Silver, Simpson & Russoniello can represent you.
How does the division of assets work in a high net worth divorce?
With equitable distribution, “equitable” does not mean “equal.” On top of this, this process gets far more complicated with the amount of complex, high-value assets that you and your spouse share. The judge may have to determine how to divide up the following:
- Your and your spouse’s expensive personal items: your cars, jewelry, designer items, artwork, furniture, memorabilia, antiques, etc.
- Your and your spouse’s multiple properties: your family home, your vacation properties, your income properties, etc.
- Your and your spouse’s professional practices or businesses: your family-owned businesses, your solely-owned businesses, etc.
- Your and your spouse’s investments: your bonds, debentures, stocks, etc.
- Your and your spouse’s deferred incomes: your stock options, retirement plans, pensions, etc.
How do I protect my assets in my high net worth divorce?
We understand that you worked hard to earn your assets and that you want to do everything in your power to protect them in your divorce. However, you should not hide them. This is because, if you are caught doing so, a forensic accountant may get involved in your divorce proceedings. In addition, the IRS may be notified and they may conduct an investigation against you. On the flip side, if you believe that your spouse is hiding assets, you should inform your attorney immediately.
Instead, the best way to protect your assets in your high net worth divorce is by locating your prenuptial agreement. You may forget since the time you signed it, but this document may include important clauses as to how and which assets will be split in the event of a divorce. Notably, a postnuptial agreement may work in a similar way.
All in all, we recommend that you reach out to one of the skilled attorneys at our Morris County divorce and separation law firm. We will do everything in our power to retain the assets that you rightfully deserve in your possession. Give us a call today; we look forward to hearing from you.