It is important to prepare for a high net worth divorce by learning the differences between a high net worth divorce and a regular divorce. Continue reading to learn the details of a high net worth divorce and what to expect during the legal process. For assistance with your divorce matters, do not hesitate to reach out to our experienced divorce attorney to learn more about our services and how we can assist you.
What is a high net worth divorce?
If you or your spouse have assets worth over $1 million, this will likely constitute a high net worth divorce. Another circumstance that may prompt a high net worth divorce is if one spouse owns or has an ownership interest in a business.
What assets are affected in a high net worth divorce?
All of the matters of a regular divorce will be considered in a high net worth divorce such as division of assets, spousal support, and child custody. However, there are several more factors that will also be considered in a high net worth divorce including the following:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
High net worth divorces may also require forensic accountants, certified public accountants, financial analysts, private investigators, and more to be involved in the divorce process.
How can I protect my assets?
There are a few different options to consider when it comes to protecting your assets in a high net worth divorce. One of the first options you might consider is drafting a prenuptial agreement. This legal document is drafted before your marriage with your spouse to protect your family’s inheritance and your assets. However, if you are already married, you may want to explore your option for drafting a postnuptial agreement that will serve a similar purpose to protect specific assets in the event of a divorce. The final legal document you might consider drafting to protect your assets is a shareholder agreement. If you and your spouse own a business, this document will detail what will happen to your business in the event of a divorce.
If you have any additional questions regarding high net worth divorce, do not hesitate to reach out to our experienced divorce attorney who will walk you through the steps of the legal process ahead. Give our firm a call today to schedule your initial consultation with our legal team.
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If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.