Prenuptial And Postnuptial Agreements In Ocean County
Many people who have a high-net-worth, take steps to protect themselves in the event that the marriage was to fail. A prenuptial agreement is designed to provide protection. Even though New Jersey is not a 50-50 state in terms of dividing up assets if there is a divorce, there is still the potential for a vast chunk of the assets that one of the spouses had before or that were accrued during the marriage to go to the other spouse. An attorney seeking to set aside the prenuptial agreement will examine the agreement to see if there are any grounds to challenge the agreement.
A postnuptial agreement is now becoming more prevalent and might be an important factor in a high net worth divorce. A vast amount of the high-net-worth came after the couple was married and it was one spouse who did the bulk of the work to acquire it, then a postnuptial agreement might have been signed over the course of the marriage. If this is the case, then attorneys will have to scour the agreement and the finances before and after the agreements are signed, and check to see how much contribution the non-breadwinner spouse made to the accumulation of a higher-net-worth and try to win a portion of it for the client in the divorce settlement.
Real Estate Holdings In New Jersey
Regardless of whether the real estate is a marital home, a vacation home, commercial or investment properties, it must be determined how much of the value of the real estate should be part of the equitable distribution from the marriage. Depending on when the couple was married, when the property or properties were bought, how much the down payment was, how much is still owed on the properties, and where the payments come from, the values must be calculated and rightful ownership decided. It is possible, for example, that one spouse received the property as a family inheritance. If that is the case, then it might not be seen as marital property and the other spouse will not have a right to it. Property values are important to determining the value of the marital estate and will have a significant impact on the assets in a high-net-worth divorce.
A Business That Was Built Or Maintained During The Marriage
One of the trickiest aspects of a high-net-worth divorce is a business that might have been built and run by one member of the marriage, but there were still aspects that the other spouse contributed without directly contributing to the business itself. For example, if the husband was building the business and the wife was a homemaker taking care of the children and dealing with all the household issues, the argument could be made that the husband was helped substantially by the wife even if the wife was not helping with the business. The husband was free to concentrate on his work without worrying about the children. The records of the business including ledgers, tax returns, sales figures and anything else that would contribute to its evaluation will be examined in the divorce proceeding.
Retirement Assets In A High-Net-Worth Divorce
People with a high-net-worth are likely to have a large retirement plan such as a 401k. When there is a divorce, it is highly possible that the spouse who does not contribute to the 401k will still have a claim to it. The money that went into the account from the time the couple was married is likely to be part of the equitable distribution from the marriage.
Call Experienced New Jersey High-Net-Worth Divorce Lawyers
A divorce is difficult under any circumstances, but if the couple has a high-net-worth, it can be hard to discern which spouse should receive what assets. Real estate, a business, retirement plans and other assets will have many issues regarding how they will be divided and their worth determined. It is imperative to have an attorney to help. If you or a loved one have a high-net-worth or your high-net-worth was accumulated during the marriage and you are getting divorced in Monmouth County, Ocean County or any other area in New Jersey, it's wise to speak to an experienced attorney from the Law Firm of Villani & DeLuca in Point Pleasant Beach, New Jersey.