It is common that when a couple enters a high net worth divorce, one or each spouse will have assets that the other doesn't know about. If you believe that you should have included rights to a particular asset, it is best that you hire an expert to locate the private account of your spouse to declare what should also be yours. In this article, we are going to learn how New Jersey will divide a high net worth asset in a divorce.
Negotiation and Extra Planning
Depending on your current situation, you may be entitled to much more then what you were led to believe. There are some essential items to cover with a divorce attorney when dividing assets. An attorney will analyze the assets that you have brought into the marriage and which of the assets were earned or purchased by both spouses during the marriage. Sharable assets will include:
- All investments
- Pensions, 401(k) account, IRAs, and retirement accounts
- Businesses and professional practices
- Local property and vacation homes
- Stock and business options
- Equitable Distribution
Equitable distribution is the division of property and debt responsibilities. This method is used in most states' courts when distributing marital property while going through a divorce. The term "equitable distribution" means fair distribution, and not equal distribution. This means that the values of items are not halved, but that they are distributed in a way that is fair to both parties.
Dividing the Assets
If you fail to agree on who gets what or have a complicated marital financial asset like a vacation home, business, stock portfolio, retirement accounts, investments, or bonds, you will need assistance to negotiate equitable distribution of assets. The assistance will come from your local New Jersey divorce lawyer, and he or she will help you protect your interests and financial future. The divorce lawyer will guide you through negotiations and help make sure that your divorce agreement finds assets from the other spouse that you may be able to claim.
Impacts That Effect the Final Equitable Distribution Agreement
During divorces, spouse's feelings may change. Petty disagreements are the main cause of couples getting upset. This is extremely common with high net asset cases. New Jersey law dictates what is considered an equitable distributive factor. These factors include, but are not limited to:
- Length of marriage
- Current Income
- Future Income
- Value of all assets
Divorces are not pleasant for either party involved. Despite the love that brings a couple together, they often find themselves feuding over property and assets, whether out of spite or because they believe they deserve a fair share of the marital assets. In messy divorces where couples may not be on the best terms or in divorces where either party (or the couple) has complicated assets including businesses, retirement accounts, stocks, or property like a vacation home, it makes fair distribution even harder. Contact a New Jersey lawyer if you cannot come to terms with your spouse on division of assets during a divorce or you believe they are treating you unfairly.