Am I in a High Net Worth Divorce?

Am I in a High Net Worth Divorce?

Divorce is complicated, no matter your financial situation. It’s an emotional process, and the legality of it all can make it all the more stressful. If you are getting a divorce and believe you are a high net worth individual, you must read on and reach out to our experienced, compassionate firm to learn more about how we can help you in the weeks and months going forward:

Do I qualify for a high net worth divorce?

The essential qualification for a high net worth divorce is that you or your spouse have over $1 million in assets. If you qualify, rather obviously, you are at risk of losing a large number of assets, which is why you will need an experienced divorce attorney who is ready to aggressively fight for what is rightfully yours.

What assets will come into question in a high net worth divorce?

High net individuals in contested divorces will most likely have their assets subjected to equitable distribution. Unfortunately, the word “equitable” seldom means “equal,” so you may be at risk of losing a large portion of your marital assets. However, high net worth divorces are oftentimes more complicated than standard divorces because they involve additional, complex shared assets, including stocks, bonds, businesses, retirement accounts, investments, pensions, property holding, benefits, and more. What’s more, high net worth divorces often involve forensic accountants, private investigators, property appraisers, and any other outside party that can help accurately asses how your marriage functions financially.

Can I protect my assets from a high net worth divorce?

Fortunately, there are several things you can do to protect your marital assets from a high net worth divorce. If you are not yet married, you may draft a prenuptial agreement with your spouse. However, if you are already married and have not drafted a prenuptial agreement, you may still draft a postnuptial agreement, which serves the same essential purpose. Finally, if you and your spouse jointly own a business, you may draft a shareholder agreement with your spouse which details how your business will be divided and function in the event of a divorce.

Contact our experienced Bergen County firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee.

To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about moving out of your marital home during your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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