The most challenging part of marriage is divorce. When you and your spouse resolve that you can no longer stay together, you face a great deal of change down the road. While it is extremely important to work on emotionally coping with a divorce, you are also forced to worry about your financial situation as well. With one less paycheck, you may start asking yourself serious questions, regarding whether or not you’ll have to move, how your lifestyle will change, and more. What’s worse, if you or your spouse is a high net individual, you will have far more assets on the line than a couple getting a standard divorce. If you believe you are in this situation, please read on to learn more about the process:
What is a high net worth divorce?
If you or your spouse are worth over $1 million in assets, your divorce is a high net worth divorce. This means you have a lot at stake, so do not settle for a lawyer who is not ready to fight.
What assets are affected in a high net worth divorce?
When you are in a contested divorce as a high net individual, several assets may be subject to equitable distribution. These assets, on top of standard divorce issues like child custody, spousal support, and child support, can make the divorce all the more complicated. For example, high net divorces very often entail shared businesses, stocks, bonds, and other investments, retirement accounts, pensions, benefits, property holdings, and more.
Additionally, high net worth divorces often require the submission of multiple financial documents from both spouses, which are held under scrutiny by the courts. A high net worth divorce may involve forensic accountants, real estate and property appraisers, private investigators, certified public accountants, financial analysts, and more. This is why you must hire a seasoned attorney who knows the ins and outs of the high net worth divorce process.
What can I do to protect my assets from a divorce?
To protect your assets, you and your future spouse may draft a prenuptial agreement. If you are already married, you may draft a postnuptial agreement, which functions essentially the same, only it is drafted after marriage. If you own a business with your spouse, you may draft a shareholder agreement, which can detail what will happen to your business, should you divorce.
Contact our experienced New Jersey 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.