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"Money is perceived as easing problems. But, in a divorce, it can sometimes make things worse as there is more to lose, and the sense of entitlement is greater."
HACKENSACK, NJ, December 08, 2022 /24-7PressRelease/ -- Divorce settlements typically require intricate procedures to handle the division of assets, liabilities, and support obligations, settlements, especially between high-earning couples, because of what either stands to gain or lose. Understanding the difference between a standard and a high net worth divorce prepares you for the journey ahead.
What Is a High Net Worth Divorce?
There is no hard or fast number for you to be considered a high net worth divorce. We would all agree that couples that have a net worth of above $1 Million dollars would fall into this category. But it's all relative, right? You don't have to be a Kardashian and in the public eye to be considered a high net worth divorce.
Attorney Carrie S. Schultz, Owner and Legal Strategist of Men's and Fathers' Rights Divorce Lawyers, discusses how a high net worth divorce differs from a regular divorce.
Typically, High-earning individuals or couples who know they are going to accumulate a lot of assets try to solve the problem of property dispute complications by signing a prenuptial agreement. Rather than leaving ownership to speculation, the prenuptial agreement states which property is jointly or separately owned and what the sharing formula will be if and when they choose to split.
Spousal Support (Alimony)
The earning gap between couples may be wider in high net worth marriages. In a scenario where the gap is rather significant, the court requires the higher-earning party to support the other through payments during and after the divorce for a period of time, depending on certain factors. New Jersey divorce laws stipulate that the lesser earning party shall receive permanent alimony if the marriage lasted20 years or more.
Most High net worth separations can publicized and seen as newsworthy by media houses and platforms. Or, it can be just as public within your inner circle and community, especially if you are very well known, respected, and engaged in your communication. This can make the process more difficult because we also want to protect your reputation whilst going through the divorce process
Attorney Carrie S. Schultz says, "Money is perceived as easing problems. But, in a divorce, it can sometimes make things worse as there is more to lose, and the sense of entitlement is greater. Plus, there is literally more stuff that must be resolved in settlement negotiations."
Divorce, property allocation, child support and custody issues are tricky not only to understand but to try to resolve while maintaining an element of fairness between everyone involved. Attorneys at our firm prioritize your goals and offer situation-specific solutions to our clients. We get creative too! The legal professionals at Schultz and Associates, LLC are dedicated to achieving the best results for each client and what will be the new normal for the family into the future.
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