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What is a High Net Worth Divorce?
The long, grueling process of divorce often becomes both financially and emotionally messy. You stay strong, but it isn’t easy. Unfortunately, if you or your spouse are high net individuals, this may augment the stressful nature of your situation. This is why you must read on, educate yourself, and hire an experienced attorney who will fight tooth-and-nail for your rights.
How do I know if I qualify for a high net worth divorce?
The most important thing you need to consider is whether you or your spouse have assets worth one million dollars or more. While these divorces generally involve all the aspects of a regular divorce, high net worth divorces tend to be a bit more involved. On top of child support, spousal support, child custody and more, if you are a high net individual, your divorce will most likely also focus on divvying some of your larger assets as well. Multiple properties, businesses, and professional practices may all come into question. It is for this reason that you must provide the courts with the various documents they need regarding your sensitive financial information. Some of the documents and factors that may impact the terms of your divorce are as follows:
- 401(k)s
- Defined benefit pension plans
- Restricted stock
- Prenuptial agreements in place
- IRAs
- Professional licenses
- Business ownership, including partnerships and limited liability companies/corporations
- Offshore assets
- Involved tax structures and planning
- Offshore assets
- Bonuses that do not vest immediately
- Widespread investments, including stocks, bonds, and investment properties
- Real estate holdings, including multiple properties
You will have to submit this information on top of W-2’s, pay stubs, bank statements and more. The courts will need to accurately understand how your marriage functions financially, so it is necessary you are organized and prepared before you file. If the courts find any discrepancies with your claims, they are required to share this information with the Internal Revenue Service, so ensure you are accurate in all your claims.
How can you protect yourself from the financial troubles that often follow a high net divorce?
The best way anyone can protect themselves from the time-consuming and emotionally draining process of litigation is by drafting a prenuptial agreement before marriage. However, many people do not do so and find themselves in all kinds of financial trouble when their marriage does not work out. However, though it may be a tough conversation to have, you may still protect your assets even after you are married through a postnuptial agreement.
Contact an experienced New Jersey attorney
If you or someone you know is going through a divorce and wishes to speak with an experienced attorney, contact the Law Office of Sabrina Gianna, LLC. today.
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.
