High net worth divorces are among the most complicated types of divorce, and if you or your spouse is a high net individual and you are about to get divorced, you must speak with a knowledgeable Morristown high net worth divorce attorney as soon as possible. Contact Graves Andrews, LLC today to learn more about how our firm can assist you.
Do I Need a Morristown High Net Worth Divorce Attorney?
High net individuals have a lot at stake when it comes to their assets, which is why it is imperative that you retain the services of an experienced Morris County divorce lawyer if you are a high net individual who is going through the divorce process.
Qualifying for a High Net Worth Divorce
To qualify for a high net worth divorce, you and your spouse must have a combined net worth of $1 million or greater. Of course, with so much on the line, you cannot afford to proceed without an experienced Morristown high net worth divorce attorney who truly understands the complexities often associated with high net worth divorces in New Jersey.
What’s at Stake in a High Net Worth Divorce?
Aside from the sheer amount of assets in their bank accounts, high net worth couples often have far more on the line that will be subject to the equitable distribution process. Since most property acquired during a marriage (and even certain property acquired prior to a marriage) is considered marital property, you can expect any businesses, properties, or high profile or luxury possessions to be up for grabs.
Even if you are the sole owner of a business and your spouse stayed home to take care of the house, raise children, and otherwise contribute to the marriage non-monetarily, there is a very good chance that your business will still be considered marital property, thereby entitling your spouse to a portion of your business in your divorce.
The Danger of Net Worth Statements
During the discovery process in any divorce, both spouses must disclose the entirety of their assets. This helps the court reach a fair and equitable property distribution agreement. That being said, high net worth individuals often have various complex assets, including investments, retirement accounts, and more, which is why oftentimes, experts, such as forensic accountants, are required to step in and determine each spouse’s true net worth. If you submit an incorrect net worth statement, you will most likely face an audit by the IRS, thereby complicating your divorce even further.
Protecting Your Assets From a Divorce
Fortunately, there are various ways in which couples can protect their assets from the pitfalls of a high net worth divorce. For example, if you are not yet married, you may draft a prenuptial agreement. If you are already married, you may draft a postnuptial agreement. Finally, if you and your spouse jointly own a business, you may draft a shareholder agreement to determine each spouse’s interest in the business, should they ever get divorced.
Contact a Morristown High Net Worth Divorce Attorney
No one should have to navigate a high net worth divorce on their own, and if you are currently going through the process or you are about to, you should contact Graves Andrews, LLC today to schedule your initial consultation with our experienced firm.