High Net Worth Divorce | What to Know
Divorce is difficult no matter what. But, high net worth divorces are often longer and more complex than other types of divorce. This is because the more assets a couple has, the more difficult they can be to divide. Read on to learn more about high net worth divorce in New Jersey.
What is a High Net Worth Divorce?
A high net worth divorce occurs when the divorcing couple has more than one million dollars in assets. These situations are similar to other divorce proceedings, as they deal with settling the couple’s marital assets. This can include child custody, child support, spousal support, and the division of assets. However, in situations of a high net worth divorce, proceedings can become more complicated because they involve complex assets such as:
- Intricate retirement and deferred income structures
- Business ownership, including partnerships, and limited liability companies/corporations
- Tax structures and planning
- Widespread investments
- Residences and other real estate properties
- Investments and deferred stock options
- Antiques, collectibles, jewelry, and art
How Can I Protect My Assets?
During a high net worth divorce, both parties will have to present all of their assets. Hiding assets can lead to serious legal trouble, including investigations by the IRS. Instead, one of the best ways to protect your assets in the event of a divorce is by creating a prenuptial agreement. Many couples shy away from creating a prenuptial agreement because of the negative connotations, but in reality, a prenuptial agreement can be a great resource for both parties. A prenup allows you to declare how your assets will be split in the event that the marriage ends due to separation, divorce, or death. No one wants to think about their marriage ending in these ways, so many people avoid even discussing a prenup with their future spouse. A prenuptial agreement does not indicate that a marriage is unstable or destined to fail. In fact, it allows couples to get important financial conversations out of the way early on. Additionally, a prenup must be fair to both parties, so it is a good way for both you and your future spouse to feel secure going into your marriage. If you have already gotten married without creating a prenup, you can create a postnuptial agreement. This is the same agreement, but it is created during the marriage, rather than before. If you would like to create a prenuptial or postnuptial agreement, contact our firm today to begin the process.
If you are getting divorced, you will need the right legal support on your side. Contact our firm today to speak with an experienced and dedicated divorce attorney.
CONTACT OUR FIRM
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.