Morris County High Net-Worth Divorce Lawyer
When married couples divorce, the financial issues that must be sorted out may range from simple to complex. Couples who have acquired significant assets during the course of a marriage may find it extremely difficult to detangle their wealth fairly at the end of their marriage. It is common for high net-worth divorces to involve multiple real estate holdings, closely-held businesses, large cash reserves, luxury automobiles, antiques, artwork, jewelry, and other marital assets representing a significant monetary value.
If you are headed for divorce and want to protect your wealth, consider contacting a Morris County high net-worth divorce lawyer to begin exploring your rights and options. High net-worth divorces are almost always complex legal matters requiring the help of a divorce attorney with significant experience. A lawyer who is experienced in the potential pitfalls of high net-worth divorce litigation could help protect your rights and interests at all times during the marriage dissolution process.
How Are High Net-Worth Divorces Different?
Divorce is usually an emotionally challenging and difficult process to have to go through. However, it is generally more complicated for higher net worth individuals with more to gain or lose in divorce proceedings. Although each case is unique, high net-worth divorces often involve disbursing assets and liabilities including:
Real estate that is held by an affluent married couple might include one or multiple vacation homes, investment properties, and primary residences. In the event of a divorce, a Morris County high net-worth divorce lawyer may need to assess the market value of various real estate assets for the purposes of marital net-worth calculations.
Businesses & Professional Practices
In a high net-worth divorce, resolving business ownership issues and determining how to equitably divide a business is often extraordinarily difficult, but with the right high net-worth divorce lawyer, a potentially positive experience. A forensic accountant may consult to properly determine what a business or professional practice is worth. An attorney could then help determine whether a sale, partner buy-out, or other monetary arrangement is the most advantageous course of action.
In New Jersey, retirement accounts like 401(k)s and IRAs that have gained value over the course of a marriage are deemed marital assets subject to division and distribution. Determining how to equitably disburse a retirement account is often a thorny issue as they typically cannot be accessed (without penalty) until the maturity date, potentially decades in the future.
Given how much can be at stake in a high net-worth divorce, it is unfortunately fairly common for one of the spouses to hide assets they otherwise might have to give up. Hiding assets during a divorce is not only unethical, it is illegal. The potential penalty for doing so may be to forfeit all those assets to the other party once the assets are located.
Another issue that a Morris County high net-worth divorce lawyers frequently run into is the existence of a prenuptial agreement between divorcing spouses of extensive financial means. In New Jersey, prenuptial agreements are fully enforceable but must comply with strict statutory requirements.
Contact a Morris County High Net-Worth Divorce Attorney
A divorce with significant wealth in the balance is something that is likely unwise to go through without the aid of experienced legal counsel. Your best bet to achieve a fair outcome could be letting a Morris County high net-worth divorce lawyer handle it for you. With a successful track record of representing wealthy individuals in dissolution of marriage cases, an attorney could apply their experience to pursue the best result for your case. Contact a lawyer today to begin discussing your legal options and protect your assets.