One of the most challenging times in anyone’s life is when they get a divorce. Unfortunately, the way of the world is that some things just don’t go as planned. However, if you or your spouse is a high net individual, there is a good chance your divorce can become all the more complicated. In an average contested divorce, the couple’s assets will often fall into litigation to be equitably distributed by the courts. While a contested high net worth divorce goes through essentially the same process, there are far more assets involved. If you are getting a divorce as a high net individual and believe your business or assets are at stake, here are some of the questions you may have:
What qualifies as a high net worth divorce?
Essentially, you will qualify for a high net worth divorce if you or your spouse have over $1 million in assets. As you are well aware, this is a lot of money. Therefore, you must ensure you hire an experienced attorney who is capable of fighting for your hard-earned assets, tooth-and-nail.
What assets will be up for distribution in a high net worth divorce?
On top of other common divorce issues, such as spousal support, child custody, and child support, your divorce will deal with several other financial issues as well. For example, your divorce may concern what will happen with multiple properties, timeshares, out of state or international assets, shared businesses, investments, and more. When you have this much on the line, it is crucial you hire a seasoned attorney as soon as you can.
How do I protect my assets in a high net worth divorce?
There are several agreements you and your significant other may sign to protect your assets in the event of a divorce. For example, you may draft either a prenuptial agreement, if you are not yet married, or a postnuptial agreement with your spouse. These both work to clearly detail what will happen with each of your assets, should you ever divorce. Additionally, those who jointly own businesses with their spouse may draft a shareholder agreement to outline what will happen with their business, should they get divorced.
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Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. One of the most important things you can do when going through a divorce is to hire a knowledgeable and compassionate divorce attorney. Do not settle for less than you deserve. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.