Though divorce is complicated for everybody, couples that have a high net worth when they get divorced are faced with additional complexities. The more assets a couple has, the more they will have to address during the equitable distribution process. Of course, neither spouse is going to want to let go of the assets they have worked so hard for. A couple is considered “high net worth” when their combined marital assets are valued at over a million dollars.
When a couple has a high net worth, they may have to address matters that other couples do not have to worry about, some of which include the following:
- Business arrangements, such as business partnerships, deferred compensation, and stock options
- Complex tax structures and other tax planning
- A number of different real estate holdings, including multiple properties and a variety of types of properties
- Complex retirement structures, such as pensions, 401k’s, and other benefits
- Extensive investments, including stocks, bonds, and other investment properties
Of course, both spouses will be required to provide a full financial disclosure to the court. If certain financial aspects raise red flags, a forensic accountant may have to do a further investigation. If they find concerning matters, the Internal Revenue Service may get involved.
If you have questions about a high net worth divorce, contact our firm today.
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a free consultation.