The more assets you and your spouse possess, the more complicated the asset division process is in your divorce. This, among other reasons, is why high net worth divorces are known for being difficult. If you and your spouse have a combined net worth of $1 million or more, follow along to find out how to protect your assets in your high net worth divorce and how a proficient Somerset County high net worth divorce attorney at Siragusa Law Firm can stand by your side throughout.
What assets need to be protected in my high net worth divorce?
With a significant net worth comes a significant amount of assets. That said, below is a list of high-value assets that you must fight to protect during your high net worth divorce proceedings:
- Real estate: your family home, vacation properties, income properties, etc.
- Businesses: your family-owned businesses, solely-owned businesses, etc.
- Bank accounts: your jointly-owned savings accounts, checking accounts, etc.
- Investments: your stocks, bonds, etc.
- Deferred income: your stock options, pensions, retirement assets, etc.
It is often forgotten that your expensive personal items may be up for grabs, as well. This may include your expensive cars, jewelry, artwork, memorabilia, antiques, collectibles, etc.
How can I protect my assets in my high net worth divorce?
Especially if you have an emotional attachment to your assets, you must do everything in your power to protect them during your high net worth divorce proceedings.
For one, it may be difficult to determine whether your spouse is reporting and valuing all their assets correctly if they are self-employed. This is because a tax return may not include the entirety of their available income. Also, this may be difficult to determine if they are an executive of a company. This is because they may receive their income in other ways that are not included on their pay stub, such as stock options, restricted stock units, pensions, retirement plans, forgivable loans, signing bonuses, etc.
With all that being said, if you suspect that your spouse is hiding or devaluing their assets during your divorce proceedings, then you must hire a forensic accountant. If a forensic accountant flags any discrepancies, the New Jersey court may call for an IRS investigation.
How else can I protect my assets in my high net worth divorce?
If you and your spouse established a prenuptial or postnuptial agreement, then you must locate it. This is because this document may include guidelines as to what assets belong to which spouse in the event of a divorce. It may also include guidelines for alimony, child support, and child custody, which will make the divorce proceedings more straightforward.
If you require assistance with protecting your assets, consult with a talented Somerset County divorce attorney today.