Matters of family law and divorce are overwhelming for many clients. When someone’s marriage is coming to an end, they may be worried about what the future holds for life as they know it. Divorce brings a major change to a person’s life. They often have to move out of a residence, may not see their children as much as they did before, and may feel as though they are starting from square one. Most of the time, couples have a hard time letting go of their assets when it comes time to distribute the marital property. This is often even more complicated when a couple has upwards of one million dollars worth of assets, making them a high net worth couple.
What makes a high net worth divorce different from other divorces?
Of course, no one wants to lose what they have worked so hard for over the years to a divorce. High net worth couples often have to address a complex portfolio of assets, some of which may include the following:
- Multiple real estate properties, rental properties, and other investments of this nature
- Retirement planning such as stock options, 401k’s, IRA’s, and pension plans
- Stocks, bonds, and other financial investments
- Business ownership or partnerships
Another difficulty that may arise is if one of the spouses is self-employed. This can become complicated because the business owner may not report all of their income. Of course, this may result in the need for a forensic accountant to investigate the individual’s earnings further. In some situations, the IRS may get involved which could spell additional legal trouble for the individual if they have not been truthful about their earnings.
If you have questions about high net worth divorces, contact our firm today.
If you require strong legal representation for matters of divorce and family law in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.