What is a High Net Worth Divorce?

What is a High Net Worth Divorce?

If you are getting divorced and you or your spouse have over $1 million in assets, you are in a high net worth divorce. High net worth divorces, unsurprisingly, are often quite contentious, as one or both spouses have far more monetarily at risk than other divorces. If you believe you may lose out on your hard-earned assets, you must contact a knowledgeable New Jersey divorce attorney who is ready to fight for what is rightfully yours. Here are some of the questions you may have regarding the legal process going forward:

What assets are at stake in a New Jersey high net worth divorce?

As with most divorces, if you and your spouse cannot agree on its terms, you will most likely end up entering the litigation process, where your assets will be subjected to equitable distribution. Rather obviously, “equitable” rarely means “equal.” Instead, it means something closer to “a fair distribution of your assets in the eyes of the court,” which is why, oftentimes, both spouses leave dissatisfied with the outcome of their divorce.

That being said, on top of standard divorce issues, if you are in a high net worth divorce, you may have to worry about multiple properties you own, retirement savings, any businesses or partnerships, mutual funds, bonds, stock options, and more. Do not think you can simply go it alone–hire an attorney who has your best interests in mind and will fight for your rights, every step of the way.

How do I protect my assets as a high net worth individual?

Fortunately, there are several things you can do to protect your assets from a high net worth divorce. For example, before you are married, you can draft a prenuptial agreement with your soon-to-be spouse. These documents can clearly define who gets what assets in the event of a divorce. However, if you are already married and have not drafted a prenuptial agreement, do not fear–you may still draft a postnuptial agreement, which essentially serves the same purpose. Additionally, if you and your spouse own a business, you can draft what is known as a shareholder agreement, which predetermines what will happen with your business, should you ever get divorced.

Contact our experienced Bergen County firm

We understand how challenging divorce and other family law issues can be, which is why we are dedicated to providing individuals with the compassionate, knowledgeable legal representation they deserve. Arohnson, Weiner, Salerno & Kaufman has helped clients through the various family law matters for over 40 years, which is why we know we have the experience needed to do the same for you. For powerful legal counsel regarding family law, litigation, business law, real estate, and criminal law, you know where to turn–contact Arohnson, Weiner, Salerno & Kaufman today to schedule a consultation.

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