High Net Worth Divorce Attorneys in Bergen County NJ
Components of a New Jersey High Net Worth Divorce
With every divorce, there is a variety of complex, and at times, controversial issues that must be resolved before both parties can move forward with their lives. The financial issues in a divorce have lasting effects on your current lifestyle and long-term financial stability, thus raising the stakes significantly. The intricacies of finances are compounded in the case of high net worth divorces because of the breadth of assets that may be involved, including shared businesses, real estate holdings, investments, retirement accounts, and extensive property such as vehicles, jewelry, and other items that may have both personal and financial value. The potential impacts of previous legal arrangements contribute further to the complexity of this process, such as prenuptial agreements and the elaborate tax structures to which you may be exposed post-divorce. To navigate this process in a way that protects your interests, it is essential to have a team of highly knowledgeable professionals on your side. At Townsend, Tomaio & Newmark, our firm works to achieve a delicate balance by leveraging the unparalleled resources and credentials of a large firm with the consistently engaged and attentive approach to client relationships of a small one. To discuss your unique situation with one of our talented divorce attorneys, contact our office.
Components of a High Net Worth Divorce
High net worth divorces are among the most complex, as they often involve a diversified portfolio of assets, each of which requires extensive evaluation to be accurately valued and equitably distributed. Although each case is unique, some central themes emerge in the vast majority of high net worth divorces. Some of the most common components of high net worth divorces in New Jersey include:
- Real Estate and Property Holdings: These may include multiple residences within New Jersey, across the United States, and internationally. They encompass your primary residence, vacation homes, time-shares, and other properties. Income-generating properties, such as rental units and other investments also fall within this category, as do commercial properties. Obtaining a comprehensive portrait of all of your real estate holdings is critical before enlisting real estate appraisers who can provide accurate valuations of each property, as well as assessments of the necessary expenses to maintain each. Notably, properties that were acquired before the marriage by either party may be excluded from the division of assets process, if they are considered “separate” as opposed to “marital” property.
- Shared Businesses, Partnerships, or Business Investments: Perhaps you and your spouse entered into business together, or you or your spouse are a business owner. Understanding your rights and responsibilities is essential to reaching a fair and equitable agreement regarding your business interests.
- Stocks, Bonds, and Other Investments: Your financial investments are critical to the asset-division process, as they may hold vastly disparate current and future values, but are equally important. In many cases, one spouse is provided deferred compensation or stock options through their position as a senior executive. In these cases, financial analysts become integral to the process of accurately evaluating income, stock vesting over time, and longer-term appreciation of investment assets.
- Retirement Accounts, Pensions, 401k’s, and Benefits: These assets are considered shared during marriage and are therefore subject to equitable distribution upon divorce. To ensure that you and your spouse receive the appropriate percentage of these assets, it is crucial to enlist a financial expert who can thoroughly and accurately value the extent of these funds.
- Prenuptial Agreements: If you and your spouse entered into a binding contract concerning finances before marriage, it is highly advisable to seek a knowledgeable legal professional who can ensure that your interests are protected and secure during the marriage dissolution process. Although many of these contracts are legally solvent during divorce, you must have your prenuptial agreement evaluated to ensure that it complies with all statutory criteria mandated under New Jersey state law.
Use of Experts in High Net Worth Divorces
To successfully resolve a high net worth divorce in New Jersey, it is essential to arm yourself with a team of experts who can ensure the identification and accurate valuation of all marital assets. Our extensive experience with high net worth divorces has allowed us to develop long-standing relationships with highly reputable experts, including:
- Certified public accountants
- Forensic accountants
- Financial analysts
- Real estate and property appraisers; and
- Private investigators
By collaborating with the leaders in their fields, we can achieve the most desirable settlements for our clients, ensuring a favorable financial arrangement and a secure financial future.
Contact our NJ High Net Worth Divorce Attorneys Today
With considerable assets, so much is on the line. Although the process of divorce is overwhelming, it can be significantly less daunting with the powerful knowledge and resources of seasoned professionals working to advocate for your interests. For additional information and a free consultation, contact our firm today.