Divorces can be complicated and emotional. Both parties would like to move on to a better situation and sometimes issues that must be addressed can become too much for some. An increase in money, possessions, and debt will usually conclude in a more complicated divorce process. Divorces that involve people with combined monies and assets valued more than $1 million are called high net worth divorces. If you are involved in a high net worth divorce, you deserve an attorney with years of experience helping wealthy individuals through the process. Paris P. Eliades Law Firm, LLC is ready to guide you through your options and protect your assets with diligent and tenacious representation. Contact Paris P. Eliades Law Firm, LLC for a consultation today.
Why is a high net worth divorce different?
Similar to other divorce cases, high net worth divorce cases will have the same factors to consider in order to end the marriage. Like other issues, including child support and child custody, high net worth couples feel entitled to a certain split of marital assets and usually have a preconceived notion about spousal support. The difference lies in the amount and complexity of the assets and debts.
Equitable distribution and high net worth divorces
New Jersey is an equitable distribution state. Equitable does not always mean “even”, but what is fair and just to both parties. This could work out to an even split, but it rarely does. There are many factors to consider in a high net worth divorce that differentiate the process from a regular one. High net worth individuals have more complicated matters to consider. They can include:
- multiple properties
- high profile possessions
- professionals practices
- successful businesses
Net worth statements may lead to trouble
Like any divorce that goes to court, high net worth spouses must share financial information with the court in order for the judge to have a clear picture of how the marriage functions financially and the ability to decide on the case accordingly. This means that they must share a net worth statement disclosing all financials, including the latest tax return. If there are any discrepancies, the court could mandate experts, such as forensic accountants, to dive deeper into the financials of one of the spouses. The other party might already have a proactive forensic accountant on their divorce team. If there are problems, high net worth individuals may be exposed to government-issued probes. New Jersey courts and judges are mandated reporters to the Internal Revenue Service. If anything is out of place, high net worth individuals could face an audit by the IRS.
High net worth individuals should strongly consider a prenuptial agreement before marrying their spouse or drafting a postnuptial agreement during the marriage in order to protect their separate property and have a settled structure that dictates what should happen if the marriage ends. A prenuptial agreement protects high net worth individuals from drawn-out court battles where the court deciphers between marital and separate property. Prenuptial and postnuptial agreements can save everyone money and time because they are legally-binding documents.
Call an attorney with high-profile divorce experience
Complex high net worth divorces are no challenge for our firm. Paris P. Eliades Law Firm, LLC has the experience to guide you through a complicated divorce while we protect your assets, monies, and rights. These divorces are document-heavy and detail-oriented. You deserve a skilled attorney who is committed to their clients. Paris P. Eliades Law Firm, LLC will always have your best interests in mind and will work tirelessly to effectively represent you in the most contested cases. If you are in need of quality representation, you should call our firm.