When a divorce happens, all marital assets must be divided and distributed between the married couple. However, in a high net worth divorce couples face unique challenges when dividing their assets. A high net worth divorce can only happen if both parties or one spouse has assets of over a million dollars. In this type of divorce, financially, a lot more is at stake. High-net individuals typically have high-value assets to separate. Coming to a resolution is typically harder as there is a lot more to fight over. If you are a high net individual, contact an experienced Monmouth County High Net Worth Divorce Attorneys who can help you navigate your high net worth divorce. Our firm is dedicated to helping you reach favorable results.
What kind of assets are included in a high net worth divorce?
A high net worth divorce involves a tedious process of going through several high-value assets and determining how they should be split between both parties. These high-value assets may include:
- real estate
- art collections
- business ownership/investments
- retirement accounts
- multiple vehicles
All of these assets that were obtained during the marriage can be included when dividing marital assets. However, certain assets have an exception. Assets that are not able to be included during the division of assets include:
- trusts and trust funds
- gifted belongings
- any real estate acquired before the marriage
Several assets are off the table when separating assets. Any financial assets that were acquired before the marriage is untouchable.
What are some mistakes high-net individuals should avoid making?
Hiding your assets
High-net individuals should not attempt to hide any assets when going through a divorce. You may think you are protecting your assets but in reality, you are jeopardizing yourself. If the court discovers your hidden assets, which they will, you will face the consequences. It is illegal to conceal your assets and it will cause you to lose your credibility.
Individuals want the divorce to be finalized as soon as possible, however, you should not rush the process. This will help you avoid any premature decisions that could negatively impact your settlement amount. A high net worth divorce is a long process, however, patience is a valuable tool that can help individuals reach favorable settlement results.
Individuals must review and update their estate plans after a divorce. You want your estate plan to reflect your current situation. Individuals should remove their ex and assign newly designated beneficiaries to important legal documents. If you fail to do so, your ex could end up with your assets eventually.
Hiring a skilled appraiser
When there are several high-value assets at stake during a divorce, you want to make sure you are getting your fair share. You should hire a professional appraiser to evaluate and assess the value of your assets. If you make the mistake of not hiring an appraiser, it could cost you. This helps ensure both parties’ assets are properly assessed for their full value and can be fairly divided.
If you are facing a high net worth divorce, don’t hesitate to reach out to one of our skilled and knowledgeable team members who can help you avoid making mistakes that could cost you. Our firm is committed to your best interest and helping you protect your hard-earned assets during the divorce process.