In 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. Let our team of Short Hills high asset divorce lawyers advocate for you and your family when there is much at stake.
Many of the rules and assumptions courts apply to standard divorce cases do not hold when there are substantial 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.
High asset divorces could be complex in Short Hills 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.
A prenuptial agreement is a contract signed before marriage setting out the terms of a potential divorce. The most crucial aspect of a valid prenuptial 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 Short Hills court could invalidate all or part of a prenup, so parties should be vigilant when preparing them.
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.
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 Short Hill. 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 Short Hills legal representative can provide crucial guidance and legal advice in understanding what alimony is entitled in a high asset divorce case.
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 calculate the amount of child support according to state guidelines. However, these only cover families who earn up to a maximum of $187,000.00. In high asset divorce cases, courts weigh many factors, including the needs of the child and the family’s previous standard of living.
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 Short Hills 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 could be beneficial to reach out to us for expert guidance and legal support.