As a New Jersey Divorce Attorney, clients will often ask about dividing assets for high net worth divorce. Contact our office today for a free review.
New Jersey is not a community property state. New Jersey is an equitable distribution state.
Several statutory factors impact the division of marital assets during the divorce as well as the identification of what assets and liabilities are considered marital.
The thing that sets high net worth divorce apart from others is the property between each party that is to be distributed. The marital property between the parties in this type of divorce can be quite substantial. There could be assets both international and domestic. There may be multiple residences in multiple jurisdictions, as well as high ticket items like cars, jewelry, stocks, art, etc.
Every bit of property is subject to equitable distribution because New Jersey is an equitable distribution state. That means every asset and debt in the marriage is to be equitably distributed.
All of your property shared in the marriage is to be valued and disclosed to your presiding Judge so they can determine how to divide the property in a fair way if you and your spouse are unable to come up with your own terms in the negotiation process. Sometimes equitable distribution means that you and your partner get 50% of the assets but that’s not always the case. Equitable distribution is meant to give you the amount that would leave you both in the same position after the divorce. That means that if there is premarital property for one party, but not the other, then it likely won’t be a 50/50 split.
Because of the high net worth divorce, this entire process could be a bit longer than an average divorce. Discovery is part of the process. If there are many assets all over the world, this process is going to be a bit more drawn out. Valuation of assets can also naturally take longer when there is more to consider. These are important steps, though, in determining how the division of assets is going to work. In fact, you might need to have a valuation expert working on your case to accurately determine the value of your assets.
It is important that you have the right representation on your side when you are dealing with a high stakes divorce. You don’t want to end up with the wrong representation and have the outcome be inaccurate.
There are a lot of steps in a high net worth divorce and our lawyer has had the hands-on experience needed to handle cases like yours.
We are here any time to take your call and set up your first consultation with our New Jersey divorce lawyer Tanya Freeman. When you have high net worth divorce, it is imperative you have the right people by your side.
Do you have questions about the equitable distribution when dividing assets for high net worth divorces and liabilities?
Contact New Jersey Divorce Attorney Tanya L. Freeman.