Do I Need to Show Proof of Finances During My High Net Worth Divorce?
With a high net worth divorce, it is critical that you are open and honest about your finances with your spouse, attorneys, and the court. Continue reading to learn more and reach out to our skilled Morris County NJ divorce lawyers to discuss your options.
What is a high net worth divorce in New Jersey?
The state of New Jersey considers a high net worth divorce as one that involves assets of one million dollars or more. This type of divorce is related to other divorce proceedings because they are equivalent to settlements on marital assets. The problems that may be examined involve child custody, child support, spousal support, and the division of assets. It is critical to understand that in cases of a high net worth divorce, procedures can become more convoluted because they concern additional assets including:
- Intricate retirement and deferred income structures
- Tax structures and planning
- Business ownership, including partnerships, and limited liability companies/corporations
- Real estate holdings
- Widespread investments
If you are going through a high net worth divorce, you will need a skilled New Jersey high net worth divorce attorney on your side. Contact our firm today to get started.
Am I required to display my finances?
When it comes to a contested high net worth divorce, both spouses are instructed to supply proof of their finances either through tax returns or net worth statements. This offers the court an in-depth understanding of the finances within the marriage. The court will use this information to determine what each spouse is worth and how they can accurately divide assets between the two of them. It is essential to note that the information is also communicated with the Internal Revenue Service (IRS) which assures there are no miscalculations within the financial claims. Because of this, it is crucial that couples are honest about their finances.
How can I protect my finances?
If you are unsure about how you can protect your finances in the event of a divorce, it is important to recognize your options. One option is that you can draft and sign a prenuptial agreement before the marriage is authorized. This is a document that allows couples to determine what happens to their assets if the marriage does not work out. Spouses are also able to obtain a postnuptial agreement to achieve the same goals, however, you will need to note that this document must be signed after the marriage is official.
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.