A divorce can be complicated no matter what, but the more assets involved, the more difficult things become. For this reason, high net worth divorces can be especially complex. High net worth divorces include couples with a combined net worth of $1 million or more. Read on to learn more about high net worth divorces in New Jersey and the best ways to protect your assets.
How Can I Protect my Assets in the Event of a High Net Worth Divorce?
One of the best ways to protect your assets is by creating a prenuptial agreement. A prenuptial agreement is drafted and signed by a couple before they are married. It is a document that protects your assets and declares how they will be divided in the event of a divorce. Some couples choose not to get a prenuptial agreement because of the stigma surrounding them. While prenuptial agreements can be uncomfortable to bring up with your future spouse, they can be greatly beneficial to both parties involved and do not in any way indicate a future divorce. If a couple does not create a prenuptial agreement and later decides they would like to, they can create a postnuptial agreement. This is the same document, with the same purpose, but it is created and signed after the marriage. If you are interested in creating a prenuptial or postnuptial agreement, reach out Paris P. Eliades Law Firm, LLC today.
Potential Problems?
During a high net worth divorce, both parties will be required to disclose their financial information. This leaves some people vulnerable to investigation. For example, if your spouse believes you are hiding some assets, he or she may hire a forensic attorney to investigate your finances. If anything suspicious is found, the IRS may conduct their own investigation, creating even more legal trouble in addition to an already complicated situation.
What Assets are Considered?
Some of the assets that may be considered in a high net worth divorce include:
- multiple properties
- high profile possessions
- professionals practices
- successful businesses
If you are getting divorced, no matter your net worth, you will need to retain the help of a skilled divorce attorney to protect your assets and make sure you are receiving what is fair.
Contact our 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.
