What should I know about a high net worth divorce?
Divorces are complicated matters in themselves, but when the couple getting divorced has a high net worth, it becomes even more complex. A couple with assets and finances that are valued over one million dollars is considered high net worth. It is important that you make yourself aware of the differences between high net worth divorces and other types of divorces when it comes to your situation.
High net worth divorces, like any other divorce, has to handle matters such as child support, child custody, spousal support, and the equitable distribution process. The aspect that sets high net worth individuals apart from others is that they will have a more complex equitable distribution process because they have so many assets of value. It is essential that these individuals come to the divorce prepared with a statement of net worth as well as statements regarding income tax. When preparing these documents, it is crucial that they are completely accurate. If they are not, they may be investigated by a forensic accountant, which can be costly. If the court finds any discrepancies they may inform the Internal Revenue Service that you have lied about taxes or income, which may result in serious penalties.
If you or your spouse are high net worth individuals and are considering divorce, it is important that you consult with an attorney who has the experience you need to come up with a successful resolution.
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.