Divorce can be emotional for any couple, but a high-asset divorce can become contentious and prolonged as property division matters are decided. A divorce that involves significant investments, properties, money and other assets requires careful attention to values since untangling marital assets can be complicated.
Understanding of divorce law is crucial in evaluating your assets and negotiating a fair settlement. Because the state uses the principle of equitable distribution to guide property division decisions, factors such as income, standard of living and economic circumstances of each party may be considered. Duration of your marriage and contribution of each partner to the estate may also be factored into decisions. It is important to be prepared with a complete overview of assets that may be considered so that the potential for unexpected developments in court can be limited.
Careful attention to complex assets is important, especially if both you and your spouse have contributed to their acquisition. Additionally, jointly owned businesses, real estate, investments and income taxes may require special consideration. The post-divorce implications of certain assets may also be an issue that needs to be explored, especially if your spouse is integrally involved in the operation of a jointly owned business. Moreover, premarital agreements may play an important role in the asset division phase of the divorce.
Getting through property division efficiently and equitably in a high-asset scenario might depend significantly on effective legal advice and representation. We have experience with assisting clients with substantial assets as they navigate this phase of the process, and we work toward optimum strategies for meeting the needs of our clients. You can read our high net-worth divorce page for additional information.
Source: Findlaw, “New Jersey Marital Property Laws”
Source: TT&N, “High Net Worth Divorce in New Jersey“, October 08, 2014