When a divorce takes place, one of the most notable parts of it is the division of assets. This process is often difficult, as spouses usually do not want to part with their cherished assets. This is especially so when spouses are of a high net worth. Continue reading below about how these situations are handled and contact an experienced New Jersey divorce attorney for assistance with your case.
What is a High Net Worth Divorce?
When couples have over $1 million in assets, they are considered to be of a high net worth. This means that when they go through a divorce, it is known as a high net worth divorce. When couples have assets of this worth, they are usually very protective of them. It is because of this that this process requires special attention that may not go into a regular divorce case. High net worth assets can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
When a high net worth divorce takes place, the court will look into both spouses’ financial documents so that they have a thorough understanding of their financial situation. In doing so, they may recruit the assistance of financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more to do so. It is important to note that spouses who lie or falsely represent their finances may face an IRS investigation.
How Can I Protect my Assets in a Divorce?
There are many ways that couples can protect their assets in the event of a divorce. A common method that is used is the creation of a prenuptial agreement. This is a document signed before the marriage is official, outlining how they would want their assets to be distributed in the event that they divorce in the future. If the couple is already married, these same goals can be accomplished with the creation of a postnuptial agreement. If the two own a business together, a shareholder agreement can be made to establish how a business should be taken care of in the event of a divorce.
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.