Divorce is difficult. No matter what, it is hard to go through a big change in your life, even a good change. However, some divorces are more complicated than others. One of the most complex types of divorce is a high net worth divorce. These divorces are often more difficult because the more assets a couple has, the more there is to divide. Additionally, these divorces often involve outside experts, such as forensic accountants, private investigators, expert witnesses, and more. Read on to learn more about high net worth divorces in New Jersey.
What makes a divorce high net worth?
A high net worth divorce occurs when the divorcing couple has a combined net worth of $1 million or more.
What assets are involved in a high net worth divorce?
Any divorce will involve the division of assets. However, a high net worth divorce may involve more complicated assets, including:
- 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?
When it comes to protecting your assets, it is never a good idea to hide them. If you attempt to hide or devalue your assets, you can find yourself in legal trouble, including an IRS investigation. Instead, one of the best ways to protect your assets is with a prenuptial agreement. A prenuptial agreement is a legal document that declares how your and your partner’s assets should be divided in the event that your marriage comes to an end. In many cases, a prenup helps couples keep their assets separate and avoid the long and arduous process of litigation. If you did not create a prenuptial agreement, you’re not out of luck. In many cases, you can create a postnuptial agreement. This is the same document, only created during the marriage, rather than before it. In any event, it is necessary that your prenuptial or postnuptial agreement meets all of the necessary requirements to be considered valid. As a result, it is important to work with an experienced family law attorney to create the documents.
If you are going through a high net worth divorce, it is important to work with the right attorney. Our firm is here to advocate for you and protect your assets. Reach out today to discuss your case.
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