A divorce is an exacting process even under the best of circumstances. But in high net worth divorces, in which both former spouses have so much at stake, the tension ratchets up even further. If you want to protect your assets, please read on, then contact one of our skilled high net worth divorce attorneys in Bergen County NJ to learn what you should know about high net worth divorces in New Jersey.
What you should know about high net worth divorces in New Jersey
Although high net worth divorces are unique, they still follow New Jersey’s law that assets, including investments, are subject to equitable distribution during a divorce. This means that, once all assets are identified, courts take the fair value and then determine how to split that value between spouses most equitably. And for the record, New Jersey is not a 50/50 divorce state. The equitable distribution setup divides assets fairly, but not necessarily equally.
Who gets what in a high net worth divorce in New Jersey?
Under New Jersey law, only “marital” assets are subject to division in a divorce. Any assets that qualify as your “separate” property are yours to keep. The same applies to your spouse and his or her separate property as well. In the Garden State, any assets acquired during a couple’s marriage are presumptively marital property, while assets acquired before the date of the marriage are usually considered separate. However, both classifications have their exceptions. For example, a separate asset can arguably transform into a marital asset through the course of a marriage. You should contact a professional for help differentiating the two.
What steps should you take in a high net worth divorce in New Jersey?
After you have identified your “separate” and “marital” assets, you should do the following:
- Obtain an appropriate valuation of your marital assets
- Understand what New Jersey’s “equitable distribution” rule means for you
- Deal with secured and unsecured debts
- Consider the tax implications of potential distributions
- Jointly address property division and alimony
- Prioritize what matters most to you
Of course, before you undertake any of the aforementioned actions, you should reach out to one of our skilled Bergen County divorce attorneys. You have enough to worry about. Let a qualified legal firm do the heavy lifting.
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.