A high net worth divorce occurs when the couple getting divorced has combined assets of $1 million or more. This can make a divorce more complicated, as the couple may have complex assets to divide. Read on to learn more about high net worth divorce in New Jersey and the best ways to protect your assets.
What assets are affected in a high net worth divorce?
A high net worth divorce will deal with the same matters as a regular divorce. These matters may include child custody, child support, spousal support, the division of assets, and more. However, a high net worth divorce may also need to distribute:
- Real estate and property holdings
- Shared businesses
- Business investments
- Retirement accounts
In order to divide a couple’s assets, the court will need to know the true value of these assets. As a result, the following experts may be brought in:
- Forensic accountants
- Certified public accountants
- Financial analysts
- Private investigators
How are assets divided in New Jersey?
In New Jersey, assets are divided through the process of equitable distribution. This means that assets will not necessarily be divided in a 50/50 split. Instead, they will be distributed in a way that is fair to each party. To determine how assets should be shared, the couple will account for:
- the length of the marriage
- the value of the property
- the age and health of each party
- each spouse’s contribution to the marital property
- the economic status of each party
- each spouse’s debts and liabilities
- the tax consequences that each party may face
Protecting your assets in New Jersey
No one wants to give up their hard-earned assets. As a result, some people will attempt to hide their assets to avoid distributing them fully or even at all. This is never a good idea, especially considering the aforementioned experts that may be involved in the process. If it is discovered that you are hiding or attempting to hide assets, an IRS investigation may be launched, leading to serious legal trouble. Instead, a good way to protect your assets is to create a prenuptial agreement. This is a legal document that declares how a couple’s assets should be divided if the marriage comes to an end. In many cases, a prenup can help a couple avoid litigation.
If you are getting divorced in New Jersey, you will need a skilled attorney on your side. Contact us today to discuss your case.
Contact Our Experienced New Jersey Firm
We are a full-service divorce, family, and real estate law firm in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC today.