The process of going through a divorce is difficult for any couple. The proceedings require many different matters to be settled, some of which can be highly contested. This can include the division of assets between the two. Splitting property between spouses can be complicated in any divorce, let alone when the couple is of a high net worth. Continue reading below about high net worth divorces and contact an experienced New Jersey divorce attorney for assistance with your case.
What is a High Net Worth Divorce?
Couples who have over $1 million in assets are considered to be of high net worth, meaning they will go through a high net worth divorce. Spouses in these situations are often protective of their assets, as they hold significant value. It is because of this that these proceedings generally require special attention that may not take place in a regular divorce. Assets that are involved in high net worth cases can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
During this time, the court will look into the financial documents of both spouses in order to have a thorough understanding of the situation at hand. To do so, they may use the help of other experts such as financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more. Proper representation of assets is crucial, as spouses who lie or falsely represent their finances may face an IRS investigation.
How Can I Protect my Assets in a Divorce?
People are generally protective of the cherished assets they have, especially when they hold significant monetary value. It is because of this that there are many ways they can secure the future of these assets in the event of a divorce. A common way this is done is through a prenuptial agreement that is signed before marriage. This document outlines how the couple’s assets are to be distributed should they divorce one day. Similar to this, a postnuptial agreement accomplishes the same goals but is signed after the marriage is official. If the two own a business together, a shareholder agreement can establish how their business should be taken care of in these situations.
Contact our Firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Simpson & Russoniello 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.