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.