Divorce is seldom pleasant and often complicated. In the case of a high net worth divorce in New Jersey, the complexities are even more pronounced. They tend to take longer and are characterized by more (and more aggressive) disputes between the petitioner and respondent. High net worth couples often have a lot on the line when it comes to asset distribution. Things get even more convoluted if there is no amicable agreement regarding custody of any children who are minors.
Because there are so many issues, considerations, and challenges synonymous with high net worth divorces, it is important to choose a divorce attorney with experience handling divorce proceedings for high-income earners, business owners, and people who own high-value properties and other assets.
Some issues that become problematic with high net worth divorces:
More Marital Assets to Divvy Up
Who owned what and when they acquired it can make a big difference in who gets what when assets are distributed during a high net worth divorce. Since wealthier couples own more “things,” they have more to divide on the road to becoming single again. If the other party attempts to hide assets during the divorce, this can also lead to problems with asset identification.
Diversity of Assets
The assets of high net worth individuals go beyond asking who gets the house and the dog. A marital estate is often a mix of real estate holdings, brokerage accounts, jewelry, art, retirement accounts, and other valuable assets — the ownership of which requires a bit of hashing out to determine.
Complicated Child Support
The general formula for figuring child support may not apply in a divorce case between two high net worth individuals. In New Jersey, child support is based on the specific needs of the parties’ children, which may include the cost of tutoring, child care, sports, private school, and hobbies.
Establishment of Spousal Support
The court tends to generally look at the standard of living the spouses enjoyed during the marriage and sets spousal support based on that. If both people have their own sufficient income, then alimony is not typically an issue. However, if one spouse has a lower potential for earning, then spousal support may be determined based on factors such as the length of the marriage, the parties’ health and age, the ability of the other person to pay, and the financial contributions of each during the marriage.
Prenuptial Agreements
It is oftentimes the case that a high net worth marriage begins with a prenuptial or even a postnuptial agreement. This can complicate things when it comes to divorce, such as if it must be proven (or disputed, depending on which side of the divorce you’re on) that a stipulation of the agreement was or was not met. For instance, if there is a stipulation that infidelity in the marriage translates to forfeiture of marital property, then the onus is on the alleged cheater to prove fidelity.
These are just a handful of the issues and challenges that typically rear their ugly heads during an already emotionally devastating time in couples’ lives.
Complex Divorce Lawyers You Can Trust
Our New Jersey high net worth divorce attorneys have a track record of helping preserve the wealth and protect the interests of high net worth individuals. Before you file for divorce, reach out to schedule a consultation and begin formulating the best strategy for your specific situation.