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What is considered to be a high net worth?

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What is considered to be a high net worth?

An individual that has a high net worth can have a longer divorce process. When spouses have a combined net worth of $1 million, it is considered to be a high net worth divorce. This can cause them to enter into a high net worth divorce that can cause them to be involved in a longer process for the division of their assets. Divorces can be complicated. When it comes to divorce cases involving a high net worth, individuals will have their assets examined. They can be taken into account to decide on how these values and assets can be divided between spouses. Spouses assets can include any possessions that were shared between them.

Assets need to be divided as marital and separate property. This depends on when the property was acquired. If it was acquired before the marriage occurred, then the property can be marital property. If it was acquired for the marriage or after, it could be considered to be marital property. This property will then be divided between the spouses for after their divorce is finalized. When assets are divided it can include properties, possessions and even motor vehicles. This may be a difficult time for spouses as they are splitting their lives that they made with one another. At this time, they should have a

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How can high net worth affect my divorce case?

High net worth divorces are handled the same as regular divorces, however, they may take a little longer. Judges can use equitable distribution to consider how assets should be divided after the divorce. At this time, judges may have more options and assets to take into consideration. The process for a high net worth divorce is very much the same as a regular divorce though. They should consider factors like the length of the marriage, age of each spouse, health of each spouse, earning capacity of each spouse, education or job training of each spouse and each spouse’s contribution to marital property. These aspects are very similar to the ones considered during a regular divorce. The added factor is the amount of assets that are present in that couple’s possession.

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.

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Mediation Services

Our firm believes that exploring alternatives to litigation can greatly benefit our client. Our firm’s established mediation practice can help you resolve family law issues more efficiently, amicably and at a lower cost. If you are interested in knowing more about our mediation services, contact the firm to discuss your situation.

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“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

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“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –
 

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