Representing high net worth individuals through the divorce process
Divorce can be a complicated matter for individuals and families. When the divorcing parties are high net worth individuals, an already complex matter can become overwhelming. High net worth divorce is a term for a splitting couple with combined assets valued over $1 million. As the number of assets grow and become more complex, troubles do as well. High net worth couples need to consult with an experienced and effective legal team with significant experience dealing with the higher stakes of these divorces. If you are a high net worth individual, contact Ross & Calandrillo, LLC for a consultation to discuss your legal matter with the high-caliber law firm you deserve.
Why are high net worth divorces different?
As stated above, high net worth divorces are further complicated by the greater number of assets and debts. Because these divorces must resolve the same marital issues as everyone else, property distribution, alimony, child support, and child custody are harder to address in a simplified form. High net worth couples have a lot more on their plate regarding:
- Business arrangements, including partnerships, deferred compensation, and stock options.
- Complex tax structures and planning
- Real estate holdings, including multiple properties and a variety of properties
- Complex retirement structures, including pensions, 401k’s, and benefits
- Extensive investments, including bonds, stocks, and investment properties
Regarding the division of assets, a court must first establish marital property and the value of said property before allocating assets in an equitable fashion. When multiple properties, business ventures, professional practices and other significant assets impact a divorce, it is important for these individuals to retain the services of a law firm that regularly handles complex high net worth divorces.
Discovery may lead to trouble
When a couple litigates the divorce, one of the steps of the process is discovery. While both parties are obligated to provide net worth statements and other financial documents, high net worth individuals are especially exposed to probes that function to unearth all significant financial information. Sometimes, through the other party or a court order, a forensic accountant may be employed to dig further into the finances of one or both parties. As mandated reporters, if a court-ordered forensic accountant was to find anything of interest to the Internal Revenue Service, they are obligated to provide the information. This exposure can open a couple up to further legal problems.
How you can protect yourself
It is important to explore any possible way to protect oneself. Prenuptial agreements are a great way to handle many of these matters before the marriage begins. While some shy away from prenuptial agreements because of a generally unjust stigma, others understand that being prepared for an uncertain future has nothing to do with the trust felt in a budding relationship. A prenuptial agreement can address only financial matters, including the division of assets and alimony. If a couple is already married, they may be able to draft a postnuptial agreement. Prenuptial and postnuptial agreements are practically the same documents, just executed at different times. When done properly, they are binding contracts that protect everyone involved. If you need an attorney to help you draft a prenuptial or postnuptial agreement, contact Ross & Calandrillo, LLC.
Contact an experienced Union County high net worth divorce attorney
Ross & Calandrillo, LLC is an experienced law firm located in Union County. Our firm understands the complexity of high net worth divorces. Through this document-heavy, invasive process, it is important to retain the services of an effective legal team. If you need a law firm that knows what is at stake and can guide you through your legal matter, contact Ross & Calandrillo, LLC for a consultation today.
