Getting a divorce in New Jersey is more complicated for those with a high net worth. Often, the more assets couples have, the more complex the asset division will be.
Financial advisors report that property division in a high net worth divorce often involves assets that are difficult to separate. Divorcing couples sometimes have to find a creative solution to keep the situation fair for both parties. One example of this is with a business interest. A judge may order that a family business go to one spouse who would pay the other spouse a sum of money over time. Because it can be difficult to determine the value of such a business and divide its worth evenly, one advisor came up with a solution and instead determined the number of shares each spouse should receive.
Something else for divorcing parties to consider is the issue of moving assets in a divorce to hide them. Such moves are often not obvious. One party may give a friend or family member an interest-free loan for a while. They may also have friends and family members make purchases for them to hide how much they are actually worth financially.
Any time a couple with large assets goes through a divorce, it is wise to consult advisors who have worked with high net worth divorces before. They can help the couple find creative solutions for their complex assets. Also, a spouse who thinks the other spouse may be trying to cover up some of their assets may want to speak with a family law attorney. They may help get all the assets out on the table so that a fair settlement can be reached.
Source: Financial Planning, “Finding Hidden Assets: Digging Deep in HNW Divorce“, Andrew Pavia, March 24, 2014