Divorce cases need to be settled before spouses go their separate ways. During these cases, many issues need to be addressed. Spouses will have to consider all their options. They can enter litigation or attend mediation sessions together. For these instances, they may wish to acquire an attorney to help them during this time. It can help them maintain their composure and work toward what they need in the divorce. When spouses have a combined value of assets that adds up to $1 million or more, it may qualify as a high net worth divorce. Due to the amount or value of the assets, it can take more time to sort through the possessions and have them divided between spouses. When a judge is presented with a high net worth divorce case, they must consider various factors that can affect the division. By considering factors regarding the possessions, the judge will make a decision that they decide to be just. Assets are not divided equally between spouses. Instead, equitable distribution is used. This splits assets in a fair and just manner. These factors include 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.
What happens if my spouse acquires a high net worth after the divorce is finalized?
Once divorces are finalized, modifications are still able to be made to fix issues in the future. Modifications can be made to various marital issues, especially when a spouse acquires a high net worth over time. As circumstances change, other aspects may need to change as well.
If your former spouse attains a high net worth after your divorce is made final, there can be a modification made to your agreement. The spouse with the higher net worth may have to pay payments of a greater value due to their newly acquired income or net worth. You can take legal action and a judge may decide to alter the conditions of the divorce. This can include alterations to the child support or alimony payments and more. This can be beneficial for spouses as it may provide them with other possessions.
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. If you need a divorce and family law attorney in Ocean County, New Jersey, contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.