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.
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. 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 could explain the benefits of both types of net worth and how they may impact their divorce case.
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 be 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.
In the event that the couple’s assets involve international holdings and foreign assets, the case could get more complicated. It would be helpful if the parties are forthcoming and are sharing the information so that the lawyers could 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 could contact a New Jersey attorney for questions regarding how to manage international holdings and foreign assets in a high net worth divorce.
Divorce attorneys could 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 obliged 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 could take a look at the books and records and do analyses of these things to identify what actually is there and see what the numbers are.
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. 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.
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 divorce or other forms of separation, manage and distribute various assets, and collect all necessary information from the other party. Reach out to a hard-working attorney for help.