What is Complex Property in a New Jersey Divorce?
When spouses divorce through litigation, the future of their marital assets are left in the hands of the judge. This means they are subject to equitable distribution. Many people believe this means an equal distribution, however, it is actually a fair and just division of the assets between both spouses. While this can be complicated enough for spouses, the process can become even more difficult in the event that spouses have certain complex properties. When facing these situations, it is important to retain the services of an experienced New Jersey divorce attorney to help guide you through the process during this time.
What are Examples of Complex Property?
The concept of marital and separate property are fairly straight forward. Marital property is assets that were acquired by the spouses during their marriage while separate property includes assets that were acquired before it. This can include standard assets such as a home, car, yearly income, etc. However, complex property can be a little more confusing. Some examples of this can include the following::
- Separate property improved via marital contributions
- Assets incorporated in prenuptial agreements
- Gifts, trusts, and individual inheritances
- Hidden assets
- Family businesses and partnerships
- Various real estate investments
- Jointly-owned assets, like time-share properties
- Executive compensation packages such as deferred income, stock options, restricted stock, and bonuses
- Retirement funds, pensions, 401k’s, IRA’s and any other long-term investment assets you may have accumulated over the course of your marriage
- Intellectual property like copyrights, patents, and trademarks
- Assets held in trusts
- Unique assets like antiques, collectibles, or jewelry
- Separate property that is now intertwined with marital property
How Can an Attorney Help?
Assets that are acquired over a lifetime or even just the duration of a marriage can be very important to people. It is important that these cherished assets are protected in the event of a divorce. This can be accomplished with the assistance of a strong, experienced legal team in conjunction with various professionals from other fields. This can include financial analysts, forensic accountants, certified public accountants, real estate appraisers, and more. A skilled attorney can help a spouse settle their property dispute and ensure they get their fair share of the assets they deserve.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.