When divorces are granted, spouses also have to go through the process of splitting their marital property. Since possessions can become dear to our hearts, it can be hard to let some of these items go. These situations can be even more complex when spouses have a high net worth involved. Whether this involves a single spouse with a high net worth or both, there are more assets to account for. Due to this, it can drag out the process and make it less efficient.
With this process, you should seek the help of our professional attorneys to provide you with the legal counsel you need to secure your property. We want to assist you in getting a desirable outcome.
How are assets divided between spouses?
In the state of New Jersey, equitable distribution is practiced in divorce cases. This is to ensure a fair allocation of marital assets between spouses. However, this does not mean that the distribution of assets will be equal for each party. The final decision on the distribution is made by a judge after the consideration of many factors.
Since high net worth individuals possess more assets, the division of these can require more time. These divorces can be impacted by prenuptial agreements, 401(k) plans, defined benefit pension plans, IRAs, restricted stock or stock options, business ownership, professional licenses, involved tax structures and planning, offshore assets, bonuses that do not vest immediately, real estate holdings and widespread investments. From all these factors, the net worth of an individual or the joint marriage can be evaluated.
Whether you are the high net worth spouse or the opposing party is, you should seek legal counsel. As someone with a high net worth, you want to make sure that your rights are protected. Furthermore, you may have to face an investigation into your assets to disclose your final net worth. If you are the opposing party with a spouse that has a high net worth, you should also have someone working to provide a better outcome for you.
What factors contribute to the distribution of assets?
Other than equitable distribution, there are other factors that are considered by judges when distributing assets. These factors include the duration of the marriage, the age of both parties, the health of both parties, the income or property brought to the marriage by each spouse, the established standard of living, any written agreements made before or during the marriage relating to property distribution, economic circumstances of each party, the income and earning capacity of each party and much more.
There are exceptions to this. Assets that were acquired prior to the marriage between two individuals are not involved in the equitable distribution. Also, assets that were given as a gift or as part of an inheritance are not included in equitable distribution discussions either.
Our firm understands that so much of your future is on the line in matters of divorce, family law, bankruptcy, and estate planning. Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.