Parsippany High Net-Worth Divorce Lawyers
Protecting Your Rights in Equitable Distribution of Marital Property
Divorce is generally a complicated process impacted by strong emotions that may have been building for years, by doubt and uncertainty about the outcome, and disagreement between the parties. It is often the biggest or sole legal issue that you may face during your life. Because of this, it calls for experienced and dedicated legal support. When the process involves a high net worth, it can be even more complex, more prone to stress, and more contentious. Much more is at stake and much more must be delved into in the matter of finances, assets, property, and liabilities in order to bring about a fair and just settlement under the state’s guideline of “equitable distribution.”
If you are involved in a potential or pending divorce of this nature in or around the Parsippany area, we strongly urge you to take advantage of the legal experience, skills, discreteness, and resources you will find at Simon, O’Brien, & Knapp. Our exceptional legal team has a significant background in helping high net worth individuals navigate the divorce process. We understand what is needed in locating, valuing, and dividing substantial marital assets of all kinds to ensure a fair and just result. No matter how complex or contentious your case may be in terms of your marital financial holdings, we can work closely with you to create a strategy tailored to your circumstances, needs, and objectives.
What Factors Are Involved in a High Net-Worth Divorce?
High net-worth divorces are complicated by the extent and number of greater marital assets and liabilities that may have been accumulated over many years.
The factors that can be involved in this issue can include:
- Whether a valid prenuptial agreement has been made
- Retirement accounts such as 401(k)s and IRAs
- Pension plans
- Business ownerships or interests
- Professional practices established under professional licenses
- Stock portfolios/stock options
- Multiple real estate holdings, including commercial and multi-family buildings
- Other investments
- Complex tax planning
- International assets, accounts, and investments
- Boats and yachts
- Valuable art and other collections
As in any marital property division, full disclosure of all financial holdings is required. All assets must be located and valued. The use of forensic accountants, tax professionals, and other professionals may be required. In some cases, hidden assets must be found. Valuations of business holdings can be especially complex, requiring the expertise of professionals who specifically handle this issue. The splitting of retirement accounts can also be challenging. These types of accounts often require the preparation of qualified domestic relations orders which are separate court orders outlining the equitable distribution of pension benefits at a future date. The issues of alimony and child support can also factor into the issue of how equitable distribution is handled. Furthermore, if a valid prenuptial agreement exists, it may also delineate the rights and obligations of the two parties as pertains to various assets as written into this contract.
Why You Need an Attorney
Because of the many financial complexities involved in a high net-worth divorce, both parties should have experienced and knowledgeable legal representation to protect their rights and interests. The process of determining, valuing, and splitting assets may be a lengthy and invasive one that is necessary to ensure full disclosure and a fair and just result. At our firm, you can rely on one of our experienced attorneys who will tenaciously advocate on your behalf in seeking a favorable outcome.
We strategize to ensure we reach optimum results for your unique case.
Our attorneys are easily accessible when you need us most.
We will do everything possible to help you obtain a favorable outcome for your family.