Getting Divorced with a High Net Worth
Are you worried about the implications of divorcing your spouse due to the state of your or your spouse’s finances? If you or your partner have a high net worth, then getting a divorce will be inherently more complicated. What type of challenges can you expect to face in a high net worth divorce case in New Jersey, and do you need a lawyer to help? Find out the answers to these questions and more below.
The Complexity of a High Net Worth Divorce in NJ
What exactly is a high net worth divorce? These situations occur when one or both parties have a large number of assets or a high income. The first step in figuring out what will be done with the assets and income is differentiating between each party’s individual net worth and the couple’s joint net worth. Here’s how:
- Individual net worth: property or net worth that was inherited or existed prior to the marriage
- Joint net worth: any property, assets, or income earned during the marriage
These distinctions are important because everything that’s considered a part of the couple’s joint net worth will be equitably divided during the divorce. If you aren’t clear on how a certain asset should be classified, then it’s best to seek an attorney’s advice.
Does Alimony Still Exist in New Jersey in 2019?
Another important aspect about high net worth divorce cases is the likelihood of being awarded alimony. Alimony, or spousal support, was originally designed to ensure the less financially stable party wasn’t adversely affected by a collapsing marriage. If you or your partner make a significantly higher income than the other, then it’s very likely that a New Jersey court will order spousal support payments. This is especially true when one party left the workforce in order to support the household or parent the couple’s children.
Should You Hire an Attorney to Protect Your Assets?
When significant assets and alimony are on the table, it’s important to ensure you uphold your rights. It’s advised that you seek out an attorney who has experience navigating the challenges specific to high net worth divorce claims.
Contact a Moorestown Family Law Attorney for a Consultation About Divorce in New Jersey Today
If you are thinking about filing for divorce, or if you have already started the divorce process and are dealing with another matter such as child custody, division of assets, or child support, you need to speak with a qualified attorney. The New Jersey family law attorneys at Cordry Hartman LLC, represent clients throughout the state, including Moorestown, Cherry Hill, Mt Laurel, Haddonfield, Marlton, Evesham, Voorhees, Medford, Cinnaminson. We understand how challenging this time can be for you, which is why we will fight hard to protect your interests, and the interests of your loved ones, throughout the legal process. Call us at 856-235-4511 or fill out our confidential contact form to schedule a consultation. We have an office conveniently located at 505 S. Lenola Rd Suite 224, Moorestown, NJ 08057.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.