New Jersey High Asset Divorce Lawyer
High Net Worth Divorces Require A Skilled Attorney
In many high asset divorce cases, there is a lot to lose. Maybe you brought wealth into the marriage, or you and your spouse accumulated assets during your time together. In either case, divorcing your spouse can be complicated and bring risk to your financial future.
Many of the rules and assumptions courts apply to asset division in standard divorce cases do not hold when there are substantial financial assets involved. You may need the help of a skilled divorce attorney, or forensic accountants and wealth managers. We have the experience you need to manage this process effectively and professionally.
Our dedicated team of skilled New Jersey high asset divorce lawyers at Williams Law Group, LLC can advocate for you and your family. We understand the unique risks and challenges facing couples dealing with a high net worth divorce. We also realize the stakes are high in such cases. That’s why we want to help you.
– Thaddeus Y.
Unique Issues in High Asset Divorces
High asset divorces can be complex in New Jersey when they involve extensive income and investments. There may be multiple business and real estate holdings, professional practices, issues around stock options, and retirement assets. Additionally, substantial tax implications arise in the division of assets.
Pre and Postnuptial Agreements
A prenuptial agreement is a contract signed before marriage setting out the terms of a potential divorce. A postnuptial agreement is a contract signed after the marriage outlining certain key legal issues in the event of the divorce.
The most crucial aspect of a valid marital agreement contract is full and fair disclosure of all assets before the party signs an agreement. Also, each party must have their individual legal advisor review or waive that right. There are several reasons a New Jersey court could invalidate all or part of a prenup or postnup agreement, so parties should be vigilant when preparing them.
Marital and Separate Property
New Jersey applies the law of “equitable distribution” in a high asset divorce, meaning all assets acquired during the marriage become part of the marital estate for a court to distribute fairly. Courts consider a myriad of factors in deciding how to split assets, including the length of the marriage, each party’s income and earning ability, and if a spouse stayed home to raise children. Some property is considered separate and will not go into the marital estate. For instance, the law excludes inheritance and pre-owned property.
Spousal Support (Alimony)
The purpose of alimony is to assist the lower-earning spouse transition into financial life as a single person. A court will review many factors in determining the amount of spousal support, including duration of the marriage, income and earning ability of each spouse, parental responsibilities, and any relevant factors the court or parties deem essential.
A court can order open durational alimony only in marriages of at least 20 years in New Jersey. Other types of alimony include limited durational, rehabilitative, or reimbursement. Courts can modify long term alimony over the years on a showing of changed circumstances, but in high asset divorces, an alimony award can affect parties for a long time. A New Jersey legal representative can provide crucial guidance and legal advice in understanding what alimony is entitled in a high asset divorce case.
Child Support and Primary Custody in New Jersey
Even in shared custody, one parent is the primary custodian. The parent of alternate residence owes child support to the parent with primary custody. Courts in New Jersey calculate the amount of child support according to state guidelines. However, these guidelines only cover families who earn up to a maximum of $187,000 per year. In high asset divorce cases, courts weigh many factors, including the needs of the child and the family’s previous standard of living.
Connect with a New Jersey High Asset Divorce Attorney for Help
Divorces involving high net worth can be complex because of the many moving parts of an established estate. You may need a team of experts to compile the proof necessary to protect the financial future of your family.
Our New Jersey high asset divorce lawyers understand how much is at stake and can advocate vigorously for you in a complicated and stressful situation. With so much to lose, it’s beneficial to reach out to us for experienced legal guidance and support. Contact us and schedule an appointment today. Your best interests come first at William Law Group, LLC.