There are a variety of matters that are required to be addressed and handled in a divorce before the proceedings are over. One of the most highly contested matters during this time is the division of assets between both spouses. In the event that the couple has a high net worth, this process can become even more difficult. Continue reading below to learn more about this process and contact an experienced New Jersey divorce attorney for assistance with your case.
What is a High Net Worth Divorce?
If a couple has assets that are worth more than $1 million, they are considered to be of a high net worth. It is because of this that if they go through a divorce, it is known as a high net worth divorce. The process of these divorces are often more complex, as the assets involved are more significant and hold greater worth. This can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
When a high net worth divorce takes place, the court will analyze the couple’s financial documents in order to better understand their financial situation. During this time, they may enlist the help of experts such as financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more to do so. If either spouse lies or falsely represents their assets to the court, they may be subject to an investigation with the IRS.
How Can I Protect my Assets in a Divorce?
When a person has many assets, especially those of high worth, they often want to protect them. It is important to know that there are a variety of ways this can be accomplished. A common method is a prenuptial agreement that is signed before the marriage takes place. This is a document that outlines how the couple would want to divide their assets if they divorce. Similarly, a postnuptial agreement allows the same option but it is signed after the marriage is official. In the event that the spouses own a business together, a shareholder agreement can be created to determine how the business would be handled in situations of divorce.
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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 consultation.