A wooden gavel rests on a sound block beside a brass balance scale, emblematic of a criminal defense lawyer's arsenal. These items, surrounded by books and papers, symbolize law and justice. The softly blurred background evokes the ambiance of a courtroom or legal office setting.

High Asset Divorce Takes Costly Toll On Couples

In New Jersey and across the nation, it can be difficult to go through a divorce with high assets and keep those very assets intact, particularly if a case is contentious. In one recent case, a Jet-Ski, IRA account and additional investments were all sold to pay for the costs of a bitter and drawn-out divorce that spanned five years. In this couple’s case, the time the case spent in divorce court equaled nearly a quarter of the length of their actual marriage.

Some time into the process, the husband claimed he could no longer afford legal representation due to the financial burden the separation had placed on him. When their marriage turned sour, they filed for divorce in 2008 after about 20 years of living together as husband and wife. They were one of nearly 80,000 couples to do so in their home state of Florida that year, a state where no-fault divorces are the rule.

When attorneys file and counter-file motions related to all aspects of their case, the divorce process can easily drag on for years. Back-logged court systems compound the problem, adding months to a case that has already suffered numerous delays. In another high-asset divorce, the marriage lasted for eight years while the divorce process took six years as attorneys battled over property division.

A high-asset divorce can take a costly toll on couples, particularly when emotions run high and influence important decisions instead of a practical and measured response. A family lawyer who focuses on resolving the divorce might be able to help clients negotiate a viable resolution via a mediation process. Sometimes, having a knowledgeable neutral third party evaluate a couple’s case outside of court if possible may substantially reduce the duration of the process and ease some of the distress that can accompany it.

Source: Tampa Bay, “The divorce from hell, the battle for alimony and emptied pockets,” Leonora LaPeter Anton, April 3, 2013

Get to know Townsend Tomaio & Newmark
Play Button
video thumbnail
What Are The First Steps in Getting a Divorce in New Jersey? | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
How Do Courts Decide on Custody? | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
Is Mediation Cheaper Than a Litigated Divorce? | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
How Child Support is calculated | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
Determining Alimony | NJ Divorce and Family Law Attorneys
Play Button
video thumbnail
How Can I Prevent My Spouse From Moving With My Child Out of State? | NJ Family Law Attorneys
Play Button
video thumbnail
Final Restraining Order | NJ Divorce and Family Law Attorneys
View More videos
In Our Community
Logo for Community Soup Kitchen and Outreach Center Inc. featuring a stylized orange soup bowl with steam. Text reads: Logo of the Randolph Education Foundation (REF) featuring an open book with stylized pages, symbolizing knowledge and guidance, next to the text The logo of Mayo Performing Arts Center showcases a purple stylized Logo of JBWS with two overlapping hands, featuring the text Logo for Interfaith Food Pantry Serving Morris County, featuring a red apple icon on the left, symbolizing nourishment and community support akin to how family law attorneys provide guidance in strengthening family foundations.Logo for CASA of Middlesex County, Inc. It features a blue figure with a heart overhead, symbolizing care and protection, and the text “Court Appointed Special Advocates for Children” below. Perfectly aligning with the mission similar to Family Law Attorneys in safeguarding children's rights.
Website Designed & Managed by
Accel Marketing Solutions