As a high-asset Sussex County or Warren County resident, you know how crucial it is to take measures to mitigate the risks that jeopardize your wealth and investments. One of them is requiring your fiancé to sign a prenuptial contract before you agree to set a date for the ceremony. Prenuptial contracts are enforceable in divorce court if the judge signs off on them. However, there are other measures you can take to keep your wealth intact in a high-asset divorce.
High-value divorces are tricky because they involve a significant amount of assets and parties believe the laws of equitable distribution do not apply to their situations. Here are a few more considerations about high-asset divorces and property division.
Hidden marital assets
Though the law dictates the split of marital property in a divorce, some spouses go to extraordinary lengths to hide from their partners assets they do not want to share. Financial deception during divorce is unethical and can lead to legal issues. It can also cause the courts to award your partner a more significant share of the formerly hidden assets.
Shared business ventures
Some couples end their marriages but have to rely on the courts to deal with the division of all entangled business assets. There are many waysfor divorcing couples who own businesses together to deal with the issue. One common option is for one party to offer to buy out the ex-spouse’s share of the company. In order for that to happen, it is necessary to know how much the business is worth. Business valuations provide an accurate value of the company and the exact amount of claim each person in the marriage has in it.
Divorce is not easy, especially when overwhelming emotions affect your ability to make sound decisions to protect your wealth and rightful share of the marital assets. Prepare for the possibility of divorce (ideally before marriage) with a comprehensive legal plan.