Going through a divorce is a difficult time in a person’s life. It can become especially complicated in the event of a high net worth divorce. Finances are a large part of a divorce, no matter the circumstances. However, when a couple has a great deal of wealth in assets, it is important to be prepared to protect these assets during the process of division. Continue reading below to learn more and contact an experienced New Jersey divorce attorney for assistance with these matters.
What is a High Net Worth Divorce?
When one or both spouses have over $1 million in assets during a divorce case, it is considered a high net worth divorce. These are different from regular divorce cases, as they contain additional assets that require attention and protection. This means that, on top of other highly contested matters in a divorce, spouses will have to fight for high value assets. This can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
During a divorce, the court will analyze all financial documents in order to have a clear picture of both spouses’ financial situation. This can involve the assistance of other financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more. In the event that either spouse lies or falsely represents their finances, they may be subject to an investigation by the IRS.
How Can I Protect my Assets in a Divorce?
There are certain ways a person can protect their assets in the event that they go through a divorce. One way this can be done is by signing a prenuptial agreement before the marriage occurs. This outlines how the couple’s assets would be separated if they ever divorce. Similarly, this can be done after the marriage is official with the creation of a postnuptial agreement. If the two spouses own a business together, they can draft a shareholder agreement that details business terms should they ever get divorced.
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