The divorce process can be difficult for any couple no matter their financial status. In general, the divorce process of a wealthier couple can become increasingly complicated because typically there are more property and business decisions involved. When you’re a high-net-worth couple just beginning the divorce process, it can be daunting to determine which lawyer is right for you. Thankfully, our experienced law firm is here to help! Continue reading for more information on high-net-worth divorces or reach out to a Mountainside, NJ High Net Worth Divorce Attorney today for high-quality legal counseling.
WHAT IS CONSIDERED A HIGH-NET-WORTH DIVORCE?
In divorce law, there is no legal definition of high net worth or how someone would legally be considered high net worth. Hence, there are no true provisions on what constitutes a “high net worth” divorce in New Jersey. It’s inevitably subjective. In general, most New Jersey law firms and courts consider high-net-worth divorce cases as those involving combined liquidated assets worth $1 million or more. It’s no surprise that estates of this size can be difficult to manage, especially when dividing them between two divorcing spouses.
HOW ARE ASSETS DIVIDED IN A NEW JERSEY DIVORCE?
New Jersey courts divide marital assets during a divorce using equitable distribution. This means that shared property is divided fairly and reasonably between spouses, but not necessarily 50/50. A judge would split a divorcing couple’s marital assets based on a large number of factors, such as the length of the marriage and each spouse’s income. Divorcing spouses may decide on property division themselves or with the help of a mediator if they would like to have the final say in how their assets will be handled. There are a lot of complicated financial decisions that must be considered during a high-net-worth divorce, which is why most couples with large estates choose to hire a lawyer for legal help.
WHAT SHOULD I CONSIDER WHEN HIRING A LAWYER?
High net-worth divorces can quickly become complex because of all the different assets involved. This is why many wealthier couples end up seeking out a lawyer who can guide them through the legal process. However, this important decision can be daunting to some spouses. There are a few main traits you should look for in a high-net-worth divorce lawyer.
The most important thing you should consider is hiring a lawyer who has experience specifically in high-net-worth divorces. These attorneys will have the legal information you’ll need, plus knowledge of how to avoid common mistakes in these complicated divorce processes. You should also look for a lawyer who is dedicated to providing you with individualized advice to fit your needs. Every divorce is different.
Are you a high-net-worth spouse thinking about divorce? Are you seeking a trusted divorce attorney who has your best interests in mind? Look no further because Ross & Calandrillo, LLC is on your side! Contact our effective team today for an initial consultation.
