What You Need to Know About High Net Worth Divorce in New Jersey

What You Need to Know About High Net Worth Divorce in New Jersey

Couples with high-value assets have a lot on the line when getting divorced, which is why if you are in a high net worth divorce, you must continue reading and speak with our knowledgeable New Jersey divorce attorneys to learn more about high net worth divorces and how our firm can help fight to protect the assets that are rightfully yours. Here are some of the questions you may have regarding the legal process ahead:

What defines a high net worth divorce?

When spouses have assets that are worth more than $1 million, they are considered a high net worth couple, and so when they get divorced, it is considered a high net worth divorce. Rather obviously, if you are in a high net worth divorce, you have far more at stake than individuals going through standard divorces, which is why you must retain the services of an experienced New Jersey divorce attorney.

What assets may be at stake in a high net worth divorce?

Of course, all of the standard divorce issues, such as alimony, child custody, child support, and more will still come into play. However, you will also have to worry about additional assets, such as retirement benefits, complex stock options and investments, and even potential business interests, among other things. Because these divorces often involve far more financial aspects, third parties will often be brought in to investigate, such as forensic accountants. It is critical that you clearly disclose all assets during the discovery process, for if you do not, there is a chance that the IRS may be brought in to investigate as well.

Is there a way to protect my high-value assets from a divorce?

Fortunately, there are ways to protect your assets from a divorce. If you and your spouse co-own a business, you may draft a shareholder agreement that can detail each of your interests in the business, should you ever get a divorce. Additionally, if you are not yet married, you may draft a prenuptial agreement which can detail what will happen with certain assets, should you ever get divorced. If you are already married, you can still draft a postnuptial agreement which essentially functions the same as a prenuptial agreement, though it is drafted after marriage.

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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