If you are facing a high net worth divorce, it is important to know all that is on the line. Continue reading to learn what makes a high net worth divorce different from a traditional divorce and what to expect throughout the process. If you require assistance with your divorce matters, do not hesitate to reach out to our experienced New Jersey high net worth divorce attorney.
What is a high net worth divorce?
There are two common scenarios that will prompt a high net worth divorce: if you or your spouse has assets worth over $1 million or if you or your spouse owns or have an ownership interest in a business.
What assets are affected in a high net worth divorce?
A high net worth divorce will consider all of the matters of a traditional divorce including child custody, division of assets, and spousal support. However, there are several other factors that will also come into play in a high net worth divorce including the following:
- Retirement accounts
- Pensions
- Benefits
- 401(k)
- Stocks
- Bonds
- Real estate and property holdings
- Shared businesses
- Business investments
A high net worth divorce may also require the assistance of the following professionals:
- Financial analysts
- Private investigators
- Forensic accountants
- Certified public accountant
How can I protect my assets?
There are three documents that you can draft that may protect your assets from a high net worth divorce. First, you may consider drafting a prenuptial agreement before you are married. This legal document will be drafted with your spouse to protect your assets and your family’s inheritance if you were to divorce.
However, if you are already married, you will not be able to draft a prenuptial agreement. Instead, you may want to consider drafting a postnuptial agreement that will serve a similar purpose to protect specific assets in the event of a divorce.
Finally, you may want to consider drafting a shareholder agreement if you and your spouse own a business. This legal document will detail what will happen to your business in the event of a divorce.
If you require further assistance with your high net worth divorce, reach out to our experienced New Jersey divorce attorney to learn how we can help. Give our firm a call today to schedule your initial consultation with our team.
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.
