The hardest thing any couple can endure is a divorce. Nobody imagines themselves getting one, but when the time comes, you have to be prepared. Not only must you regroup emotionally, but you will also have your finances to worry about. When you have a contested divorce with your spouse, your assets will be subject to equitable distribution, which very often leaves both spouses feeling dissatisfied. To make matters even more complicated, if you or your spouse are high net worth individuals, you have even more assets up for grabs than the average divorcing couple. If you find yourself in this situation, here are some of the questions you may have regarding your legal options going forward:
What is a high net worth divorce?
The simplest way to define a high net divorce is a divorce where one or both spouses have over $1 million in assets. If you or your spouse has over $1 million in assets, you should hire an experienced attorney as soon as possible–your fortune may be at risk.
How is a high net worth divorce different?
As mentioned above, high net worth divorces are different because they contain additional assets. This means that on top of hotly contested issues such as child custody and child support, you will have to fight for even more. Assets including property holdings, real estate, business investments, shared businesses, stocks, bonds, out of state or international interests may all be at stake.
The courts will analyze multiple financial documents to obtain a clearer picture of both you and your spouse’s finances, and they may also involve other financial experts as well. For example, your divorce may include financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more. If it is found that you or your spouse either lied or falsely represented your finances in any way, you may be subject to investigation by the IRS.
How can I save my assets from a divorce?
To protect your assets from a divorce, you and your future spouse can draft a prenuptial agreement. On the other hand, if you are already married, you may draft a postnuptial agreement, which serves the same purpose. If you and your spouse own a business together, you can draft a shareholder agreement that establishes business terms should you get divorced.
Contact our experienced New Jersey firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.