Divorce is a difficult process. But, some situations can be more complicated than others. For example, high net worth divorces can be especially arduous. This is because the more assets a couple has, the harder it may be to divide them. A high net worth divorce occurs when the couple’s combined assets are worth more than $1 million or more. Read on to learn more about high net worth divorce in New Jersey.
What assets will be divided?
In any divorce, the couple will have to divide their shared assets. They may also have to determine matters of child custody, child support, alimony, and more. When it comes to a high net worth divorce, the couple may also have to divide:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
What to know about prenuptial agreements
When it comes to a divorce, many people wonder how they can protect their assets. One of the best ways to keep yourself and your partner secure is with a prenuptial agreement. A prenup is a document that declares how a couple’s assets will be divided in the event that the marriage comes to an end. Many couples avoid creating a prenuptial agreement because of the negative connotation. But, a prenup is a great way to keep your and your partner’s assets safe. If you did not create a prenuptial agreement before your marriage, it is not too late- you can still create a postnuptial agreement. This is the same type of agreement, but it is created after the wedding, rather than before it.
Some people attempt to hide certain assets to avoid losing or sharing them. It is important to know that high net worth divorces often involve forensic accountants, financial analysts, and private investigators. If any discrepancies are found, the IRS may get involved, and you can find yourself in serious legal trouble. It is never a good idea to hide assets, as a divorce requires full financial disclosure. Instead, it is important to work with an experienced divorce attorney who can help protect your assets.
Our firm understands how stressful a divorce can be, but we are here to advocate for you, every step of the way. Reach out today to speak with a skilled 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 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.