For many, divorce is the most complicated legal issue they will ever encounter in their lives. It often brings various complexities to the forefront, including terms of child custody and support, alimony, and more. However, when it comes to property distribution, high net worth individuals have more on the line than most other couples. Please continue reading and speak with our competent Hackensack high net worth divorce attorneys to learn more about high net worth divorce in New Jersey and how it may impact you. Here are some of the questions you may have:
What qualifies as a high net worth divorce?
To qualify for a high net worth divorce, you or your spouse must have at least $1 million in assets. With so much on the line, it’s obvious why you need experienced legal counsel.
How does a high net worth divorce impact property distribution?
When spouses cannot agree on how their assets should be divided in the event of a divorce, their assets will enter the equitable distribution process. Here, the courts will determine what they see as a fair and equitable distribution of assets. Note that “equitable” does not necessarily mean “equal” or “50/50.” Therefore, all marital assets or portions thereof, including real estate, retirement funds, stock options, bonds, complex investments, your business (if you own one), and more may all be at stake if you get divorced.
How can I protect my assets from a divorce in New Jersey?
Fortunately, there are several steps you and your spouse can take to preserve certain assets, should you get divorced. For example, if you are not yet married, you may draft a prenuptial agreement, wherein you can outline what will happen with certain assets, should you get divorced. If you are already married, you can draft a postnuptial agreement, which essentially serves the same purpose, however, as the name implies, these agreements may only be drafted after marriage and come with their own set of legal complexities. Finally, if you co-own a business with your spouse, you should draft what is known as a shareholder agreement. This document can determine each party’s share in the business, even in the event of a divorce.
Contact our experienced New Jersey firm
We understand how confusing certain legal issues can be, which is why we are dedicated to providing individuals with the compassionate and knowledgeable legal representation they deserve. Aronsohn, Weiner, Salerno & Kaufman has helped clients with various difficult legal challenges for over 40 years. We know we have the experience needed to do the same for you. For experienced legal counsel regarding family law, litigation, business law, real estate, and criminal law, you know where to turn–contact Aronsohn, Weiner, Salerno & Kaufman today to schedule a consultation.