New Jersey High Net Worth Divorce Lawyer
A high net worth divorce is when one or both parties have a large number of assets or high income. The large number of assets, companies, and investments a person has could make it a high net worth type of case. An accomplished New Jersey high net worth divorce lawyer could help a person manage the various factors that must be addressed in such a divorce. Contact a skilled divorce attorney to learn your rights and legal options.
What are the Differences Between Individual Net Worth and Joint Net Worth?
Individual net worth is differentiated from joint net worth in the context of divorce in that it is exempt from equitable distribution. If an individual has net worth prior to the marriage or that was inherited, it is not subject to distribution, so long as the assets were kept separate and not commingled during the marriage. Consequently, they could have a situation where an individual has a much higher net worth than perhaps the couple or the marriage. A high net worth divorce lawyer in New Jersey can explain the benefits of both types of net worth and how they may impact their divorce case.
Role of a Prenuptial Agreement in a High Net Worth Divorce
A prenuptial agreement in a high net worth divorce is extremely important since it addresses what would occur in the event of a divorce. It could protect the individual with a high net worth from exposure to issues that could have been litigated in the divorce case.
The goal of a prenuptial agreement is to keep an extensive list of those assets and keep them protected. Given the years of marriage, prenuptial agreements could potentially include provisions as to spousal support. It gives one a road map of what would happen in the divorce in the unfortunate event and may limit the issues in the event of a divorce.
The value of a couple’s primary residence, whatever the equity in that residence, is part of their overall assets. If the couple primarily resides in more than one home, then all of those assets, if they are marital assets, come into the valuation.
What Makes a Prenup Enforceable in a High-Net Divorce?
When the court deems a couple’s prenup enforceable, they would be guided by the terms of the agreement. However, a prenup that is considered unenforceable, in whole or part, would mean that the court would not necessarily abide by the terms but would instead be guided by the regular principles that govern divorce in New Jersey, such as equitable distribution.
For a prenup to be valid, both parties would have had to have signed the agreement willingly and without coercion. To do so, each potential spouse must fully disclose their financial situations and lay out all of their assets and liabilities. Failing to do so could render the agreement unenforceable later on. A knowledgeable New Jersey divorce attorney can ensure that all of the requirements of a valid prenup are met in order to prevent any conflict in a potential high-net divorce. Notably, one of the requirements for enforcing a prenuptial agreement is the parties each having independent legal counsel or waiving their right to one in writing.
Managing International Holdings and Foreign Assets in a Divorce
In the event that the couple’s assets involve international holdings and foreign assets, the case often gets more complicated. It would be helpful if the parties are forthcoming and are sharing the information so that the lawyers can get valuations of those assets overseas. With real estate, it is always easier even if it is in other countries. It should be noted that one obstacle common with foreign assets is that a lawyer cannot force another country to distribute certain real estate. As an example, real estate could be considered such a foreign asset. They may only seek to have it included as part of the parties’ assets in the New Jersey divorce. Individuals should contact a New Jersey attorney for questions regarding how to manage international holdings and foreign assets in a high net worth divorce.
Unequal Distribution in the Understanding of Assets
Divorce attorneys can work to get all of the information in cases where one person does not have an equal understanding of assets. Under the Court Rules, the parties are obligated to exchange the information. If they do not, subpoenas need to be sent to banks and employers. In certain cases, a private investigator or forensic accountant may be needed. This may especially be necessary if the person is self-employed. A person’s divorce lawyer can take a look at the books and records, often with a financial professional, and do analyses of these things to identify what actually is there and see what the numbers are.
How are Inherited Assets Treated in a Divorce?
The handling of inherited assets does not change in a divorce when the non-relative spouse seeks to claim the property. Since inheritance is exempt from equitable distribution, whatever a person inherits would be theirs no matter who they are, so long as the inheritance is not commingled with marital assets. The only thing that would be attributed to the analysis is if they inherit a large sum of money, get dividends on it or invested it, and it threw off a certain amount of money that could be counted as income for purposes of analyzing alimony and child support.
Let a New Jersey High Net Worth Divorce Attorney Help
A high net worth divorce must be handled with a specific amount of attention to detail. There are various elements that a high net worth divorce lawyer must deal with to help a person through separation. These include understanding whether a person should seek a high net worth divorce or other forms of separation, manage and distribute various assets, and collect all necessary information from the other party. Reach out to a qualified divorce attorney for help.