If you are going through a high net worth divorce in New Jersey, it is in your best interest to reach out to an experienced divorce attorney that can help you explore your options. At Siragusa Law Firm, our legal team is prepared to help you navigate through this process. Continue reading to learn more about what assets are considered in a high net worth divorce and how you can best protect them.
What is a high net worth divorce in New Jersey?
A high net worth divorce occurs when a divorcing couple has combined assets of $1 million or more.
What assets are considered a high net worth divorce?
It is critical that you are honest when disclosing your assets to the court during your divorce. If you are not, you risk facing serious consequences. In the event that assets do not appear to be reported accurately, the court will require a forensic accountant to conduct an investigation. If the forensic accountant finds anything of concern, it will have to be reported to the court. The court would then be obligated to report these findings to the IRS, potentially leading to an additional investigation and causing further legal trouble and delays in divorce proceedings.
Below are some of the most common assets that are often protected:
- 401Ks
- Debts and liabilities acquired during the marriage
- Stocks, bonds, and other investments
- Vacation properties and other family homes/investment properties
- Family businesses
- Retirement funds
- Collectible items
- Automobiles
- Jewelry
How can I protect my assets?
One of the most reliable ways that you can protect your assets is through a prenuptial agreement. A prenuptial agreement is a legal document that is produced and signed before a couple gets married. This document reveals how a couple will divide their assets in the event that they get divorced. Prenuptial agreements tend to have a negative reputation, however, it is important to note that this agreement in no way implies a divorce. As a matter of fact, prenuptial agreements are useful because they ensure that you and your assets are protected.
Additionally, if you are already married and you did not create a prenuptial agreement, it is not too late. You have the option of making a postnuptial agreement, which is the same document, with the same purpose, but instead produced you and your partner are married.
Do not hesitate to reach out to our firm today to begin the creation of your prenuptial or postnuptial agreement. Our skilled divorce attorneys are prepared to help you through each step of this process.
Contact our Firm
If you require experienced legal representation for a matter of Family Law, Supplemental Security Income, Medical Malpractice, Social Security Disability, or Legal Malpractice, Siragusa Law Firm is here to help. Contact our firm today to schedule a consultation so we can discuss your case.
