Navigating High Net Worth Divorce In New Jersey
A contested divorce has the potential to be an overwhelming and complicated matter. When the parties are high net worth individuals, an already complicated legal matter can be exponentially more complex.
Generally, a divorce is considered to be “high net worth” when a couple’s assets and monies are valued at or over $1 million. As assets increase, a contested divorce becomes more troublesome. If you are a high net worth individual, you should contact an attorney with extensive experience handling high profile divorces.
The Law Office of Toby Grabelle, LLC, knows what it takes to effectively represent high net worth individuals through their divorce. If you need our legal services, contact our Red Bank law offices online or by phone at 732-582-5061.
How Are High Net Worth Divorces Different?
Though high net worth divorces are similar to many others, the difference lies in the complexity of assets and debts. These divorces have to address the same applicable issues related to the marriage, including division of assets, spousal support, child custody, and child support. High net worth divorces are more complex because of assets, including multiple properties, business assets, and professional practices.
When a court hears a contested divorce case based on the distribution of assets, it will establish marital property, assign value to the assets, and split them equitably. Furthermore, to paint a clear picture of the marriage, the couple will have to provide financial information that may lead to further problems.
Discovering Net Worth Assets
In the process of discovery, a couple will have to provide financial information. Each individual will have to share net worth statements and tax returns to paint a clear picture of how the marriage functions financially and gives the court all of the facts to justly decide on divorce matters. When a court looks over your financial information, they will scrutinize the facts and ensure that everything is true. If the court was to find any discrepancies, they are obligated to share this information with the Internal Revenue Service, potentially opening up the individual to serious legal matters.
How You Can Protect Yourself
High net worth individuals should consider every legal means to protect themselves and their assets. Many high net worth couples will draft and implement prenuptial agreements that address all relevant matters related to the marriage. A prenuptial agreement can establish what will happen to assets if the marriage doesn’t work out.
For those who have already tied the knot, a postnuptial agreement is practically the same document. Both documents are binding when executed correctly and can help a couple avoid the pitfalls of litigation.
Contact A Firm With The Resources To Help You
If you are a high net worth individual facing divorce, you need effective and experienced legal support. It is important to have an attorney on your side who has the skill and knowledge to take on the complexity of a high net worth divorce and protect your interests. If you need high-quality legal services, contact our Red Bank law offices by phone at 732-582-5061 or contact us online.