The process of divorce requires many matters to be settled before a couple can officially dissolve their marriage. One of the largest parts of a divorce is the division of assets. What is normally a difficult matter in general can become that much more complex when the spouses are of high net worth. Continue reading below to learn more and contact an experienced New Jersey divorce attorney for help with your case.
What is a High Net Worth Divorce?
When a couple has over $1 million in assets, they are considered to be of high net worth. When they go through a divorce, it is known as a high net worth divorce. Couples who divorce with assets of this worth usually want to protect them during distribution. This requires special attention to be paid that would not normally take place during a regular divorce. Assets that may be of high net worth can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
During a high net worth divorce, the court will analyze the financial documents of both spouses in order to have an understanding of their situation. To do so, the court may use experts such as financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more. In the event that either spouse lies or falsely represents their finances, they may face an IRS investigation.
How Can I Protect my Assets in a Divorce?
Couples who have a high net worth usually have special assets they do not want to lose in a divorce. It is because of this that there are various methods that can be used to protect them. A common way this is done is through a prenuptial agreement. This is a document that is signed before marriage that outlines how the couple would divide their assets if they divorce in the future. It is important to note that if this is not done before the marriage, couples can sign a postnuptial agreement when they are already married. This accomplishes the same goals. If the spouses run a business together, a shareholder agreement can be created to detail how business terms should be handled in the event of divorce.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.
