If you are a high net worth individual who is facing a divorce, it is important to understand the details of the divorce process ahead and how it differs from a regular divorce. Continue reading to learn what to expect during a high net worth divorce. If you require assistance with your divorce matters, give our experienced divorce attorney a call to schedule your initial consultation.
What is a high net worth divorce?
If you or your spouse owns or has an ownership interest in a business or if you or your spouse have assets worth over $1 million, these scenarios will likely prompt a high net worth divorce.
What assets are affected in a high net worth divorce?
Just like a regular divorce, a high net worth divorce will consider divorce matters such as spousal support, child custody, and division of assets. There are several other factors that will also be considered in a high net worth divorce including the following:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
Another note to consider is that high net worth divorce may also require the assistance of the following professionals:
- Forensic accountants
- Certified public accountant
- Financial analysts
- Private investigators
How can I protect my assets?
When it comes to protecting your assets in a high net worth divorce, there are a few options to explore. One of the first options is to draft a prenuptial agreement before you are married. This legal document will be drafted with your spouse to protect your assets and your family’s inheritance.
If you are already married, you may want to consider drafting a postnuptial agreement instead. This legal document will serve a similar purpose and will protect specific assets in the event of a divorce. The sole difference is that this document will be drafted while you are already married.
Finally, you may want to consider drafting a shareholder agreement if you and your spouse own a business. Your shareholder agreement will detail what will happen to your business in the event of a divorce.
If you have any further questions regarding protecting your assets through a high net worth divorce, reach out to our experienced New Jersey divorce attorney. Our legal team will walk you through the steps of the legal process ahead. To learn more about our services and how we can assist you, do not hesitate to give our firm a call.
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.