If you and your spouse are high net individuals, you have a lot on the line when it comes to distributing your assets in your divorce. What makes this more difficult to navigate is the multitude of complex assets and financial interests that you share. Continue reading to learn what property is at stake and how an experienced Morristown high net worth divorce attorney at Graves Andrews, LLC, can help you in protecting what is rightfully yours.
By New Jersey law, what is considered a high net worth divorce?
The New Jersey law that determines whether you and your spouse fall under the high net worth divorce category is fairly straightforward. That is, if you and your spouse have a net worth that totals $1 million or more, then this applies to you.
What complex assets will be distributed in a high net worth divorce?
First of all, aside from the significant assets in your bank accounts, you likely have a multitude of other high-profile assets that will be subject to equitable distribution. That is, equitable distribution is when a New Jersey judge distributes your marital assets in a way that is equitable and fair. And since most assets acquired during the marriage are likely considered marital assets, you can expect a lot to be up for grabs. Examples read as follows:
- Your businesses, including sole ownerships and joint ownerships alike.
- Your properties, including real properties and rental properties alike.
- Your deferred income and investments, including stocks, bonds, debentures, etc.
- Your retirement assets, including your 401(k) and pension alike.
- Your high-profile collectibles, including antiques, artwork, memorabilia, cars, jewelry, etc.
How can I protect my assets in my high net worth divorce?
You will need an expert, otherwise known as a forensic accountant, to step in and determine your and your spouse’s net worth. This is important because, oftentimes with high net worth divorces, a spouse will hide certain assets so that they do not have to undergo equitable distribution. And if they are caught doing this, they will likely face an audit by the IRS, and your divorce will be further complicated.
Also, you can look back at your prenuptial agreement, if you and your spouse have one. This is because this document may have statements on which assets belong to which spouse. If this is not applicable, you should draft a postnuptial agreement. And finally, if you jointly own a business, you should draft a shareholder agreement to determine both your and your spouse’s interests in the business.
For further assistance, pick up the phone and call a skilled Morristown family law attorney today.
Contact Our Experienced New Jersey Firm
Contact Graves Andrews, LLC to schedule an initial consultation with our experienced Morris County family law attorneys to learn more about our services and how we can assist you.
