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Am I in a High Net Worth Divorce?

Am I in a High Net Worth Divorce?

Nobody wants to think about divorce. However, if you are in one, it may be all you can think about until it’s officially done and over with. Not only can divorce be emotionally taxing, but it can also take a financial toll as well. What’s worse, if you or your spouse is a high net individual, you will most likely have additional financial aspects affected. If you are in the midst of a high net worth divorce, here are some of the questions you may have about the legal process going forward:

What is a high net worth divorce?

A high net worth divorce simply means that either you or your spouse have assets worth over $1 million. If this is the case, please read on to learn more about the equitable distribution process in a high net worth divorce.

What assets may come into question in a high net worth divorce?

On top of “regular” divorce issues, such as child custody, child support, alimony, and more, you may have to fight for your right to the following:

  • Real estate and property holdings: Your timeshares, primary residence, vacation home, and other properties may all come into question. However, properties that were acquired prior to marriage are generally considered exempt from the equitable distribution process.
  • Shared partnerships, businesses, and business investments: If you and your former spouse jointly own a business, there is a very good chance your business assets and agreements will be up for grabs in a divorce. If you believe the future of your business is at stake, do not hesitate to contact one of our experienced attorneys to fight for your rights.
  • Retirement accounts, pensions, and benefits: These are considered marital assets, so in a divorce, they may be subject to equitable distribution.

How can I protect my assets from a divorce?

If you and your spouse jointly own a business, you may draft a shareholder’s agreement. This can help specify exactly what will happen with your business in the event of a divorce. You may also draft a prenuptial agreement before you are married to clearly lay out whose assets are whose in a divorce. If you are already married, you may draft a postnuptial agreement, which functions essentially the same as a prenuptial agreement.

Contact our experienced New Jersey firm

Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.

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