High net individuals have a lot to worry about when they are getting a divorce. On top of the emotional stress that a divorce can bring about, you will most likely have more financial concerns than the average divorce as well. This is why if you or your spouse is a high net worth individual, you must read on to learn more about your legal options going forward. If you believe your business or hard-earned assets are at stake, you cannot afford to wait. You must hire an experienced attorney as soon as possible. Here are some of the questions you may have:
What is a high net worth divorce?
If you or your spouse have more than $1 million in assets, you are technically in a high net worth divorce. You must ensure you hire an attorney who knows the ins and outs of the high net worth divorce process, as the majority of your assets may be in jeopardy.
Which assets may come into question?
Unfortunately, on top of all the standard divorce issues, such as child custody, spousal support, and child support, you will have to worry about additional assets as well. You and your spouse will be required to submit various other financial information to the courts so they can get a full picture of how your marriage functions financially. If you submit any information either dishonestly or incorrectly, there is a very good chance you will be subject to investigation by the IRS. The following assets may come into question in a high net worth divorce:
- Out of state or international assets
- Retirement accounts, 401(k)’s, pensions and benefits
- Real estate and other property holdings
- Shared businesses, partnerships, or business investments
Can I protect myself from a high net worth divorce?
Fortunately, you and your spouse can protect your assets in the event of a high net worth divorce. For example, you and your future spouse may draft a prenuptial agreement, wherein you will outline the terms of your divorce and preemptively account for your assets in writing. However, if you have not drafted a prenuptial agreement, it is not too late. You may draft a postnuptial agreement, which functions essentially the same as a prenuptial agreement, though it can only be drafted after marriage. Additionally, if you and your spouse jointly own a business, you may draft a shareholder agreement which can specify exactly what to be done with your business should your marriage dissolve.
Contact our experienced New York firm
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.