There is a common misconception across the nation -- including here in New Jersey -- that if you are a couple with a considerable amount of assets that you also have a prenuptial agreement. Unfortunately, as some here in Englewood know, this isn't always the case. In fact, a couple might easily come into wealth later on in a marriage. By this time though it's too late to sign a prenuptial agreement and a couple might not even have a postnuptial agreement on their radar.
One of the most contentious areas of divorce is property division. This is particularly the case in high net worth divorces, where the divorcing couple is more likely to own a small business. If you are in such a situation, you are not alone, as the U.S. Census Bureau estimates that married couples own 3.7 million businesses in the U.S. Having a closely held business can raise a couple of difficult issues that are not present in most run-of-the-mill divorces. To resolve them, help from outside experts is often needed during the divorce process.
Let's say for a moment that you are getting a divorce and have just begun the process of property division. Unlike most couples, you and your spouse signed a prenuptial agreement before getting married, which means just about all of your property has already been divided and is ready now for distribution.