What to Know About High Net Worth Divorces in New Jersey
If you are going through a high net worth divorce, it is in your best interest to reach out to our Mendham, New Jersey high net worth divorce attorneys today to obtain competent legal representation. Our firm is committed to ensuring that you and your future are protected.
What is a high net worth divorce in New Jersey?
Couples that qualify for a high net worth divorce include those who have assets that are worth one million dollars or more. In the event that the couple decides to divorce, it is known as a high net worth divorce. These circumstances are related to other divorce proceedings because they are similar to settlements on marital assets. The issues that may be discussed include child custody, child support, spousal support, and the division of assets. It is important to understand that in cases of a high net worth divorce, processes can become more complex because they involve additional assets including:
- Business ownership, including partnerships, and limited liability companies/corporations
- Intricate retirement and deferred income structures
- Tax structures and planning
- Real estate holdings
- Widespread investments
If you are entering a high net worth divorce, you will need an experienced Mendham, New Jersey high net worth divorce attorney on your side. Reach out to our firm today to get started.
Do I need to show proof of my finances?
With a contested high net worth divorce, both spouses are required to provide proof of their finances either through tax returns or net worth statements. This presents the court with in-depth knowledge of the finances within the marriage. With this information, the court can decide what each spouse is worth and how they can correctly divide assets between the two of them. It is important to note that the information is also shared with the Internal Revenue Service (IRS) which assures there are no miscalculations within the financial claims. That is why it is critical that couples are honest about their finances.
How can I protect my finances?
If you have concerns about how you can protect your finances in the event of a divorce, you have options. First, you can draft and sign a prenuptial agreement before the marriage is official. This is a document that enables couples to decide what happens to their assets if the marriage does not work out. Spouses are also able to get a postnuptial agreement to achieve the same goals, but you will need to note that this document must be signed after the marriage is official.
CONTACT OUR FIRM
At Townsend, Tomaio & Newmark, LLC, our seasoned divorce and family law attorneys ensure that through the process of resolving your family matter, you feel empowered, not overwhelmed. Providing unwavering support, undivided attention, and unflinching advocacy, our team invests in your cause, working tirelessly to pave your path toward a brighter tomorrow. If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.