Divorces are never easy, however, they become significantly more intricate when the divorce involves high-net-worth individuals. It becomes more complicated because, with a high-net-worth divorce, there are a substantial amount of assets that need to be divided. Property division is less complicated in typical divorces since there are fewer assets to evaluate and divide. There are special considerations couples have to take into account when they undergo a high net-worth divorce. If you are a high-net-worth individual and divorce is imminent, read on and contact one of our trusted and determined Monmouth County High Net Worth Divorce Attorneys who can help you navigate the complex divorce process.
What is a high-net-worth divorce?
Essentially, when a couple has a combined net worth of $1 million or more, their divorce is considered high net worth. There are a substantial amount of assets such as vehicles, art collections, jewelry, stocks, and properties that have to be evaluated and divided fairly. This is because New Jersey is an equitable distribution state. High-net-worth individuals must retain the right legal services. A skilled Monmouth County high-net-worth attorney can help individuals achieve a favorable division of property, alimony determination, and child support order.
What should high-net individuals consider when going through the divorce process?
High-net-worth individuals must consider certain factors while navigating the divorce process to protect their hard-earned assets. Firstly, as mentioned above, high-net-worth individuals must have the right legal representation. An experienced attorney will advise high-net-worth individuals not to accept a quick settlement offer. Unfortunately, the divorce process can last a long time, especially in high-net-worth divorces. This may entice them to take a quick settlement offer to speed up the process. However, this could result in unfavorable terms that put their financial security at risk. Additionally, high-net-worth individuals should never attempt to hide any assets. This could lead to an unfair settlement as they are acting in bad faith. This dishonestly hurts the credibility of a high-net-worth individual. Moreover, individuals should not dispute every asset as it can prolong the divorce process. This leads to more legal fees and increases the chances of animosity between both parties. Animosity is extremely negative for couples that have children as it can have negative effects on the children’s overall well-being. Ultimately, couples that undergo a high-net-worth divorce have special considerations they must take into account during the divorce process.
In the unfortunate event that your marriage has failed, please don’t hesitate to reach out to one of our skilled and dedicated attorneys. High-net-worth individuals need to acquire the right legal representation to ensure their hard-earned assets are protected during the divorce process. Our firm is committed to helping our clients come out of their divorce with favorable results. Allow our firm to represent your interests in court.