Many divorcing spouses find it helpful to streamline asset division into five basic steps. Start with a list of your real estate property and document the value as if the property were being sold on the market today. Then deduct any outstanding loans to determine the approximate equity in the home. Itemize current balances for […]
Financial Issues
What are the three secrets someone going through a high-net-worth divorce should know?
1. Don’t hide assets. However tempting it can be, if you’re caught the penalties you may face and the associated costs of going to court and attorney’s fees may add up to more than what you would have paid had the asset just simply been divided. Truthful financial disclosure in divorce is in your best […]
What kind of attorney is the best fit for a high-net-worth divorce?
Unfortunately, there’s a stereotype that a shark or a pit-bull attorney who promises to take your ex to the cleaners in court is the best kind of lawyer for high-net-worth cases. This is a wrongheaded notion. The sad truth is that some shark attorneys will smell that there’s a lot of money at stake in […]
What might happen during asset division to a spouse’s stock options received through their job?
People with high-income or high-profile employment frequently receive stock options as part of their compensation from their company. Distributing these assets in a divorce matter can be complex without the correct guidance. For example, the stock options need to be evaluated to identify the grant date investing schedule to determine which assets are subject to […]
Can business interests be divided in divorce?
High-net-worth couples frequently are business owners or investors in a business or run a professional practice such as a medical practice together. When divorcing spouses own and operate a business together, then the business will probably require a formal evaluation and report. Professionals such as forensic accountants and actuarial experts are used to determine the […]
What difference do prenuptial agreements make in a divorce?
A prenuptial agreement is entered into before the marriage and generally protects your premarital assets and can ensure that certain property is deemed exempt from equitable distribution and address other financial terms. If you are a part owner of a family business, a prenup can specify that this asset is protected from asset division. The […]
Should my spouse’s accountant value the business for us to save money on a valuation?
What are some mistakes you see people in high-net-worth divorces make?
A big misconception that’s common for those just embarking on divorce is not understanding how assets are divided in New Jersey. People often go into divorce thinking that everything will just be split down the middle unless there’s a prenup that says otherwise, of course. However, New Jersey is an equitable distribution state, which means […]
What is different about divorce when a couple has considerable assets or a high income?
There can be a number of differences both big and small in high-net-worth divorce, including: 1. Child support calculations In high-net-worth divorce where ability to pay is not an issue, rather than strictly rely on formulas found in the child support guidelines to determine an award, judges use, as a guideline, the reasonable needs of […]
How can financial professionals help clients after a divorce is final?
Aside from practically helping with some property division, helping those parties divide the assets as agreed to in the property settlement agreement, I may likely help one party with their new financial picture. That might be everything from maximizing what they received in marital assets, taking a look at the long term consequences of the […]
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