High Net Worth Divorce in New Jersey? What to Know
No one gets married planning to get divorced, but life can be unpredictable. Nowadays, many couples face the prospect of divorce, but when high net worth individuals choose to get divorced, things can become especially complicated. Any kind of divorce is difficult, but the more assets involved, the more complex things become. As a result, high net worth divorces can be drawn out and highly contested. Read on to learn more about high net worth divorces in New Jersey and the best ways you can protect your assets in the event of a high net worth divorce.
How do I Know if my Divorce is Considered High Net Worth?
A high net worth divorce occurs when one or both parties have combined assets of $1 million or more. With so much at stake, you will need experienced legal help.
What Assets will be Considered?
Some of the assets that may be involved in a high net worth divorce include:
- Residences and other real estate properties
- Businesses and partnerships
- Investments and deferred stock options
- Retirement accounts
- Antiques, collectibles, jewelry, and art
You will need to disclose all of your financial assets. During a contested divorce, one or both parties may enlist the help of a forensic accountant to ensure that all assets are uncovered. If anything suspicious is found, the IRS may get involved, complicating your legal matters further. Regardless of your situation, you will want to retain the help of a skilled attorney.
How do I Protect Myself and My Assets?
If you and your spouse signed a prenuptial agreement before your marriage, your divorce may be resolved quickly. A prenuptial agreement is a document that protects your assets and declares how your assets may be divided in the event of a divorce. Many couples refrain from signing a prenuptial agreement because of the negative stigma surrounding them, but in reality, a prenuptial agreement can greatly benefit both parties and in no way insinuates a future divorce. If you get married and later decide you would like to draft a document to protect your assets, you can create a postnuptial agreement. A postnuptial agreement is the same document as a prenuptial agreement, but it is drafted after the marriage rather than before. If you are interested in drafting a prenuptial or postnuptial agreement, reach out to Townsend, Tomaio & Newmark L.L.C.
If you are involved in a high net worth divorce, you will need a knowledgeable attorney to protect your assets and ensure your divorce process is fair. To speak with a skilled attorney, do not hesitate to contact us.
CONTACT OUR FIRM
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.