Divorces involve a lot of decision-making. Couples have to weigh all their options during these situations. When people decide to get a divorce, they need to make decisions on how to split their assets. Their possessions can be jointly owned due to their marriage. During divorce proceedings, it will determine who has ownership of certain possessions. Since high net worth individuals often possess more assets, the division of these can become more time-consuming during divorce proceedings. This can become more complicated due to the involvement of many assets. 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. With all of these possessions, it can add up to a high net worth for a spouse or both spouses.
Both spouses may have something to lose that they do not want to see leave their possession. Some items can have sentimental value. Whether you are the high net worth spouse or your spouse is, you should seek legal counsel. As someone with a high net worth, you want to make sure that your rights are protected since you may have to face an investigation into your assets to disclose your final net worth. If you are the opposing party, you should also have someone working on your behalf to provide a fair outcome.
What do judges consider when splitting assets?
To split assets according to equitable distribution laws for divorce cases, judges must consider many aspects that affect a couple’s assets. Equitable distribution is used for divorce cases in many states. Through this process, it can be easier to decide what is marital property and separate property. 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. Assets that were acquired before the marriage was officiated may not be involved in the equitable distribution process. Assets that are acquired as a gift or inheritance may be deemed separate property and therefore, are not subject to equitable distribution.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.