Many public figures and celebrities have accumulated substantial assets through their careers as entertainers, athletes, or politicians. When it comes time to divorce their spouse, these high net worth entertainers face a challenging process. The issues in a high asset divorce are the same as in any divorce, but negotiations and court appearances may play out much differently due to the sheer value of the marital property.
Read on to learn about the most common challenges of a high-asset divorce and learn how you can avoid them as a public figure.
More Assets to Divide
Public figures who are going through a high asset divorce must prepare for a more difficult, costly, and time-consuming process of property division. The average divorcing couple may have one home, one or two vehicles, and a modest savings account to split up. They may face a difficult decision when it comes to their family home, but the rest of the assets and debts can be divided fairly easily. By contrast, a public figure or celebrity may have multiple real estate Investments, cars, boats, valuable collections, substantial investment accounts, and many other assets. The more assets you have, the more room there is for interpretation about who deserves what in the divorce. This leads to lengthy negotiations, and it may make it more likely that you will end up in court.
Since property division is a well-known stressor during high asset divorce, many celebrities opt for prenuptial agreements in an attempt to make this process somewhat easier. Of course, this suggestion isn’t helpful if you have already filed for divorce. Still, I believe it’s important to consider in the event that you remarry in the future. High asset divorce lawyers in NJ have seen many men left with a huge financial burden after their divorce because they didn’t have a prenup.
High Alimony Payments
Any issue relating to alimony or spousal support cannot be adequately addressed until all parties have taken a full stock of the marital assets, and both spouse’s current income and earning potential. It is fair to generalize that, in a high asset divorce where there is a substantial income gap between the spouses, a celebrity or public figure can expect alimony to at least be on the table for negotiation. If you would prefer to avoid ongoing alimony payments, your NJ divorce lawyers for entertainers may be able to offer alternatives (like a lump sum payment).
No one should hide details about their finances or marital woes during a divorce – in some cases it can actually get you into legal trouble – but celebrities often don’t have a choice. Tabloids pay employees, friends, and family members of celebrities to provide intimate details about their personal lives. Marital woes, infidelity, your spending habits, and details about your parenting style may all be fair game for the media. Most public figures understand that this is a necessary evil of their profession, but it doesn’t make things any easier when you’re already dealing with an emotional breakup and have to see the most salacious details of the divorce in magazines and online.
There may not be much you can do about publicity, but you can inform your New Jersey lawyers for male entertainment figures of all the relevant information before it gets into the public’s hands. We don’t want your ex and her attorneys blindsiding us with info she learned at the newsstand.
Family Law For Entertainers New Jersey
There’s no way around it; divorcing as a public figure in New Jersey is challenging. You don’t have to face these challenges on your own. The Micklin Law Group is a premier family law firm for entertainers and public figures. We focus on men’s and fathers’ rights in New Jersey family court. Our divorce lawyers for men in New Jersey can help you overcome even the most intimidating challenges to ensure your divorce is truly equitable.