What is a High Net Worth Divorce in NJ?
If you are looking to get divorced and are unsure whether you or your spouse qualify for a high net worth divorce, it is in your best interest to read on and give our firm a call today to speak with our Morris County NJ divorce lawyers. Our legal team is here to help.
What is required to qualify for a high net worth divorce in New Jersey?
Keep in mind that couples that qualify for a high net worth divorce include those who have assets that are worth one million dollars or more. If the couple decides to divorce, it is understood as a high net worth divorce. These instances are related to other divorce proceedings because they are similar to settlements on marital assets. The issues that may be concerned include child custody, child support, spousal support, and the division of assets. It is important to recognize that in cases of a high net worth divorce, processes can become more difficult because they concern additional assets such as:
- Tax structures and planning
- Business ownership, including partnerships, and limited liability companies/corporations
- Intricate retirement and deferred income structures
- Real estate holdings
- Widespread investments
If you are going through a high-net-worth divorce, you will need an experienced Mendham, NJ high net worth divorce attorney on your side. Give our firm a call today to begin the process.
How can I show proof of finances?
If you are going through a contested high net worth divorce, both spouses are instructed to provide proof of their finances either through tax returns or net worth statements. This shows the court with in-depth knowledge of the finances within the marriage. With this information, the court can determine what each spouse is worth and how they can accurately divide assets between the two of them. It is important to recognize that the information is also shared with the Internal Revenue Service (IRS) which ensures there are no miscalculations within the financial claims. That is why it is crucial that couples are transparent about their finances.
How can I ensure my finances are protected throughout the divorce process?
If you have worries about how you can protect your finances in the event of a divorce, keep in mind that you have options. First, you can draft and sign a prenuptial agreement before the marriage is official. This is a document that allows couples to choose 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 recognize that this document must be signed once the marriage is official.
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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.