Generally, high net worth divorces involve cases where the marital property is valued at over one million dollars. Although they involve all the same aspects as a regular divorce, including New Jersey’s law requiring equitable distribution of marital assets, there are often additional intricacies that make high net worth divorces more complicated.
Before marriage, some high-net-worth individuals may have prepared and signed a prenuptial agreement, providing advance arrangements regarding the division of assets in the event of a divorce. Even with a prenuptial agreement, issues such as child custody and alimony may not have been previously outlined and may be a point of contention for parents.
The higher the net worth, the greater the potential for complexity in dividing assets in the divorce. Marital assets can include a multitude of things, including property, overseas investments, pensions, retirement accounts, cryptocurrencies, stock options, business interests, and more. During the divorce, assets need to be identified and valued to ensure the equitable distribution of them, which can be a complicated and lengthy process. Forensic accountants, real estate and business valuation specialists, and other financial professionals will be needed to provide the court with detailed and accurate marital asset information. New Jersey is an equitable distribution state, meaning that marital property is divided between spouses in a manner that the court considers fair and equitable.
Child Support and Custody
When determining child custody agreements, one parent cannot use their financial advantage over the other parent to obtain custody. The child’s best interest will be at the forefront of any custody decisions during the divorce. The court considers multiple expenses required to meet the needs of the children when determining child support. These expenses may include private school tuition, extra-curricular activities and hobbies, tutors, and childcare expenses. In high-income divorces, child support should be awarded to meet a child’s reasonable needs and reflect the family’s previous lifestyle.
High Net Worth Divorce Lawyers
At Bozanian McGregor, our attorneys have extensive experience handling high net worth divorce cases. We understand the intricacies involved in these cases, and we partner with highly regarded financial professionals to ensure that all assets are identified and properly valued. Our lawyers work diligently to protect your rights and ensure that your financial future and your child’s future are taken care of. Contact us today at (201) 947-1500 to schedule an appointment.