There are few things more complicated than the divorce process, and if you are someone with multiple high-value assets, you are most likely wondering how those assets will come into play when it comes to equitable distribution. Please read on and reach out to our Bergen County divorce attorneys to learn more about high-value assets and divorce and how our firm can work to protect what is yours. Here are some of the questions you may have:
How are high-value assets assessed?
In most cases, if you own luxury or high-value assets, you will have to hire a third-party with knowledge of those assets to fairly valuate them. For example, if you have certain collectibles, fine art, or other prized possessions, you will most likely require the services of an individual who can accurately determine the market value of those items, whether people are currently interested in those items, and what those people would realistically purchase those items for.
How will high-value assets be divided in a divorce?
If you acquired assets during the course of your marriage, those assets will most likely be considered marital property, making them subject to equitable distribution. This means that in many cases, vacation homes, additional properties, luxury vehicles, club memberships, and more may all be up for grabs. Unfortunately for many spouses, the phrase “equitable” does not mean equal, and instead it means something more along the lines of what the courts see as a fair and just distribution of assets. In many cases, this results in one spouse receiving a greater portion of assets than the other spouse, which is why you must retain experienced legal counsel to fight for what is yours.
Should I sell high-value assets when getting divorced?
If you and your spouse can both agree upon selling high-value assets and splitting the money, this may be your best bet. Spouses often will do this when these assets have sentimental value to the marriage, when the item is too costly to keep as a single adult, or when they wish to use the cash received by selling the items to help cover the cost of their divorce or other debts incurred in the marriage. If you have any additional questions, speak with our knowledgeable New Jersey divorce attorneys today. We are here to help.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.