While divorce can be an emotionally complex process, it can also be a financially complex process. This is especially the case if you and your spouse are considered high net individuals. Read on to discover how a high net worth divorce works and how a seasoned Bergen County family law attorney at McNerney & McAuliffe can help you navigate these proceedings.
What assets are on the line in a high net worth divorce?
Put simply, if you and your spouse have $1 million or more in net liquid assets, then you will have to undergo a high net worth divorce. You may not even realize that the assets in your and your spouse’s possession equate to this net total. However, if you and your spouse own many of the following high-value assets, then it is a sign that you qualify for high net worth divorce proceedings:
- High-value personal items:
- Memorabilia (i.e., sports equipment or playing cards).
- Antiques (i.e., furniture or fine China).
- Collective items (i.e., coins or stamps).
- Real estate properties:
- Marital home.
- Vacation properties.
- Income properties.
- Professional practices or businesses:
- Soley-owned businesses.
- Jointly-owned businesses.
- Bank accounts:
- Savings accounts.
- Jointly-held bank accounts.
- Deferred incomes and/or retirement assets:
- Stock options.
- Retirement plans.
- Profit-sharing plans.
How does asset division work in a high net worth divorce?
First, you must remember whether you and your spouse signed a prenuptial or postnuptial agreement. Specifically, a prenuptial agreement would have been signed before your marriage and a postnuptial agreement during your marriage. This is important because such a document may have an outline of what assets belong to you and what assets belong to your spouse if you should ever get divorced. It may also include other predetermined divorce-related terms, such as alimony, child support, and child custody.
If you and your spouse did not establish this document, then you may have to enter litigation. With this, a New Jersey judge will use equitable distribution to divide up your assets. Importantly, “equitable” does not necessarily mean “equal.” Rather, it is seen far too often that marital assets are distributed unevenly.
The equitable distribution process can get rather complex with the number of assets that you and your spouse possess. For this reason, you must not proceed further without retaining legal representation from one of the competent New Jersey certified trial attorneys located in Hackensack. Our team will fight for the high-value assets that are rightfully yours. Pick up the phone and schedule your initial consultation with us today.