How are Complex Assets Handled in a New Jersey Divorce?
Going through a divorce is often an overwhelming process for both spouses as well as their families. This is because it requires the separation of lives that were brought together over a period of time. When this happens, these lives are generally intertwined in many ways, including their assets. Dividing these assets is usually difficult in any divorce, especially ones in which the spouses are of high net worth and have complex assets. The process of distributing these assets is often more complicated. Those who are facing these situations should contact an experienced New Jersey divorce attorney for help protecting their assets.
Valuing Complex Assets
Dividing complex assets between two spouses tends to be a contested issue in divorce proceedings. This is because they tend to be assets with tremendous worth. That is why it is important these assets are valued properly by appraisers and accountants in order to have an accurate distribution. Complex properties that are commonly seen in these cases can include the following:
- Stock options and restricted stock
- Pension plans and retirement accounts
- Business executive benefits
- Multiple homes
- Closely held or family-owned businesses
- Intellectual property (patents, copyrights, trademarks)
- Assets held in a trust or have tax implications for early distribution
- Separate property that has been commingled with marital property or includes marital property contributions
- Inheritances, gifts, and trusts
- Retirement assets
- Hidden assets
Dividing Complex Property
During the division of assets in a divorce, it is important to understand what equitable distribution means. While many believe the term equitable means “equal,” it actually means the assets are divided fairly between two spouses. Once assets are valued, the state of New Jersey follows this system to determine the assets that belong to each spouse.
The court decides what is considered to be fair based on several different factors of the case. This can include the nature of the complex asset, the duration of the marriage, the extent that either party was involved in obtaining the asset, and more. In order to have an accurate assessment of the assets, professionals in other fields may be brought in for help. This can include accounting, financial analysis, real estate, and property appraisal experts. If there are hidden assets, private investigators can be retained to uncover them.
Contact our Firm
If you need an experienced legal team to guide you through a divorce matter, contact Townsend, Tomaio & Newmark L.L.C today.