There are several different parts to a divorce, one of the most notable being the division of assets between both spouses. Often an already difficult process, these situations can be more complex and involved when the spouses are of a high net worth. Continue reading below about how these situations are handled and contact an experienced New Jersey divorce attorney for help with your case.
What is a High Net Worth Divorce?
When a couple has over $1 million in assets, they are considered to be of high net worth. This means their divorce would be referred to as a high net worth divorce. Assets that have a higher worth require certain protections and special attention when they are being divided amongst spouses. It is because of this that these cases are different from that of a regular divorce. In addition to settling other highly contested matters, spouses must fight for their high value assets. This can include assets such as property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
When a couple goes through a high net worth divorce, the court will analyze their financial documents. This allows them to have a clear picture of the financial situation of each spouse. During this time, the court may use the services of financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more for assistance. If either spouse lies or falsely represents their finances, they may be subject to an IRS investigation.
How Can I Protect my Assets in a Divorce?
Couples who have assets of high net worth usually want to protect them so that they cannot lose them in a divorce. There are a variety of ways that this can be done. One of the most common methods is by signing a prenuptial agreement before marrying. This is a document that outlines how a couple wishes to divide their assets in the event that they divorce one day. A postnuptial agreement accomplishes these same goals, except it is signed after the couples marries. In the event that the spouses own a business together, a shareholder agreement can be created to designate how business terms should be handled if they get divorced.
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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.