Divorce is complicated enough on its own. Unfortunately, if you or your spouse are high net worth individuals, you most likely have far more on the line. Please continue reading and speak with our knowledgeable New Jersey divorce attorneys to learn more about high net worth divorce and how our firm can help you through every step of the legal process ahead. Here are some of the questions you may have:
What constitutes a high net worth divorce in New Jersey?
When one or both spouses own assets worth more than $1 million, if they get divorced it is considered a high net worth divorce. These couples have a great deal at stake, which is why if you find yourself in this situation, you must retain the services of an experienced attorney who can fight for what is rightfully yours.
What assets may be at stake in a high net worth divorce?
Of course, standard divorce issues will still come into play, such as child custody, child support, alimony, and more. These matters are complicated on their own, however, the equitable distribution process is often far more complicated when it comes to high net worth spouses. For example, in many cases, these spouses will own multiple properties, complex stock investments, retirement plans, multiple vehicles, or even own businesses. Because of this, it is often difficult to determine which property belongs to whom, which is why outside parties, such as forensic accountants often become involved as well. If it is determined that you did not fully disclose all of your assets, there is a very good chance that the IRS will become involved, which will open you up to a slew of legal problems. Our firm can work to ensure that you fully disclose assets and act in accordance with the law to avoid this.
Is there a way to protect my assets from a divorce?
Fortunately, there are ways to protect your assets from divorce. For example, if you are not yet married, you may draft a prenuptial agreement with your future spouse, which can lay out what will happen to certain assets, should you ever get divorced. If you are already married, you may draft a postnuptial agreement, which essentially serves the same purpose. Finally, if you co-own a business with your spouse, you may draft a shareholder agreement which can outline both spouse’s interest in the business, should you ever get divorced.
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.