When a couple gets divorced, they are very often forced to balance emotional and financial stress. While the situation calls for mental processing, taking time off, and working on returning to normalcy, you must also take action and fight for what is yours. Understandably, this is very challenging for some, however, it does not have to be. With the help of a little self-education and an experienced attorney on your side, the process becomes far less stressful. If you are about to divorce, are in the midst of one, or are just wondering how a high net worth divorce works, please read on to learn more.
Do I have a high net worth divorce?
The main qualifier for a high net worth divorce is whether either spouse has assets worth $1 million or more. If this is true for you, then you understand that a lot is at stake. This is why you must hire a skilled attorney who is ready to fight for what is yours.
What assets may be at risk in a high net worth divorce?
On top of the standard divorce issues, such as child support or alimony, your divorce will involve larger assets as well. The equitable distribution seeks to divide all marital assets equitably in a divorce. However, equitably does not necessarily mean “equally,” so you may not be looking at a 50/50 split by the time your divorce is official. Some marital assets that may be up for equitable distribution include retirement accounts, 401(k)’s, pensions, real estate, property holdings, shared businesses, and out of state or international assets.
How can I protect my assets or business in a high net worth divorce?
Fortunately, there are several things you can do to protect your assets. For example, if you are not yet married, you may draft a prenuptial agreement where you can dictate how your assets will be distributed in the event of a divorce. If you are already married, however, you are not totally out of luck. You and your spouse may draft a postnuptial agreement, which serves the same function as a prenuptial agreement, though it is drafted after marriage. Lastly, if you and your spouse own a business, you may draft a shareholder agreement.
Contact our experienced New Jersey firm
Before taking legal action, it is important to discuss your legal matter with an experienced attorney. Divorce means a significant change in your life, which is why you need an experienced and compassionate attorney who can help make the transition go as smoothly and seamlessly as possible. If you need a knowledgeable attorney, please do not hesitate to contact The Radol Law Firm to discuss any divorce and family law matters you may be facing.