How to Settle a High Net Worth Divorce in New Jersey
While the process of divorce is almost always stressful, financially and emotionally, this process can be made exponentially harder if you, your spouse–or both–are high net worth individuals. This is why it is important to insure you get the right attorney to handle your case, as there is potentially a lot more at stake if you qualify as a high net worth individual.
What qualifies as a high net worth divorce?
Essentially, if you and your spouse have assets worth one million dollars or more, your situation would qualify as a high net worth divorce. It is first important to understand that these divorces are similar to other divorces, in that they primarily concern all the same things, such as division of assets, spousal support, child custody and child support. However, these divorces tend to become more complex, as they often involve the division of assets such as multiple properties, businesses, and professional practices. Therefore, when there is a contested divorce, both spouses will have to provide financial information, such as net worth statements and tax returns.
What is the purpose of providing your financial information?
Essentially, the courts want access to the fullest picture possible, and want to ensure they have a full understanding of how your marriage functions financially. They want to know exactly how much each of you is worth, so that they can accurately divvy up your assets. Additionally, the courts want to make sure they do not find any discrepancies over your financial claims, as they are obligated to share this information with the Internal Revenue Service. This is why it is important to always be truthful when providing this information to the courts.
How can you protect yourself?
The best way anyone could protect themselves from the pitfalls of litigation comes in the form of a prenuptial agreement, of which you decide upon before getting married. By doing this, you predetermine what will happen to your assets if the marriage does not work out as planned. Additionally, while it may be a bit of a harder conversation to have, couples can also get a postnuptial agreement, which achieves the same thing as a prenuptial agreement, only it is decided upon after the marriage is already validated.
Contact a New Jersey Attorney
If you or your spouse is a high net worth individual and are in the midst of a contested divorce, then it is important you consult with an experienced attorney today. In doing so, you boost your chances of coming to an agreement that will benefit you in the long run.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.