Everything You Need to Know About High Net Worth Divorces in New Jersey

Everything You Need to Know About High Net Worth Divorces in New Jersey

There are few issues in life more complicated than divorce. However, if you are a high net individual, your divorce may become even more complicated. Please continue reading and speak with our experineced New Jersey divorce attorneys to learn more about high net worth divorces and how we can help you through one. Here are some of the questions you may have:

How do I know if I am in a high net worth divorce?

The main qualification for a high net worth divorce is that you and your spouse have assets over $1 million. If you have assets over $1 million, you are in a high net worth divorce, and, rather obviously, you have a lot on the line, which is why you cannot proceed without an experienced Bergen County divorce attorney at your side.

How are high net worth divorces more complex?

High net worth divorces are oftentimes far more complex than standard divorces, because outside of standard divorce issues, such as child custody, you will also have far more property that is most likely subject to equitable distribution. All property acquired during a marriage is generally considered to be marital property, which will be subject to property division. Some assets that frequently pop up in high net worth divorces are multiple real estate properties, such as vacation homes, complex stocks, bonds, and other investments, retirement accounts, and in some cases, shared businesses.

What can I do to protect my assets from a high net worth divorce in Bergen County?

Fortunately, there are several things high net individuals can do to protect their assets from a divorce. For example, if you are someone who is not yet married, you and your future spouse may draft a document known as a prenuptial agreement, which essentially outlines what will happen to certain assets, should you ever get divorced. That being said, if you are already married, you need not worry, for you may draft a postnuptial agreement. This document essentially serves the same purpose as a prenuptial agreement, only it is drafted after marriage. Finally, if you and your spouse own a business, you may draft a shareholder agreement that can outline you and your spouse’s interest in the business, should you ever get divorced. If you have any additional questions about how to protect your assets, please do not hesitate to reach out to our knowledgeable New Jersey divorce attorneys today.

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 your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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