Essex County High Net-Worth Divorce Lawyer
Any divorce can present challenges, but a high net-worth divorce may involve unique legal issues as well as distinct accounting and tax concerns. Given the degree to which such a divorce could permanently impact your finances, retaining a knowledgeable divorce attorney could be key to protecting your rights and assets. An Essex County high net-worth divorce lawyer could help you understand and address the special circumstances of your case.
Special Legal Issues in High Net-Worth Divorces
One of the first matters a court must settle during a high net-worth divorce is what property is marital in nature and therefore subject to division. According to New Jersey Revised Statutes §2A:34-23(h), property acquired before the marriage began or through a gift or inheritance is not subject to division. Although this rule applies to every divorce case, it may have a particularly large impact in a high net-worth case if one spouse entered the marriage with significant assets.
Determining whether a property can and should be split may be challenging if nonmarital assets were invested in a marital business, used to buy property in both spouses’ names, or otherwise commingled. An Essex County high net-worth divorce lawyer may be able to help categorize property as marital or nonmarital correctly.
Division of Complex Property
Dividing certain property, like stock and real estate, is often more complicated than dividing cash or household property. Special legal documents may be needed to transfer these types of assets, and there may be limitations on whether certain property—like stock options or equity in a business—can be transferred at all.
Real estate held in other states or counties, like vacation homes, may also require special legal considerations. An experienced high net-worth divorce lawyer in Essex County could assist with the division of unique assets.
Standard of Living and Needs of Each Party
N.J.R.S. §2A:34-23.1 requires a court to consider certain factors when making an equitable division of property, including “the standard of living established during the marriage” as well as the various needs of each spouse. Likewise, the distribution of assets can have tax benefits or consequences for each spouse, especially where large or complex assets are involved. A seasoned legal representative may be able to explain how these factors apply when a high standard of living was established during a marriage.
The Need for Accurate Accounting and Valuation
Real estate and stock values may fluctuate based on markets, and businesses or unique personal property may be difficult to value at all. As such, accurate valuation is often an essential step to effectuating fair property division.
If large values or many types of property are involved, precise accounting may help a court fairly distribute assets. Sometimes forensic accountants or other experts may be needed to help present a case. Experienced legal counsel may help a person facing a high-value divorce determine the best strategy for their case.
How an Essex County High Net-Worth Divorce Attorney Could Help
High net-worth divorce cases may present special legal and accounting problems, but it is crucial for both you and the court to understand the nuances involved in each case. A divorce is likely to have a significant and long-lasting effect on your finances, but an attorney could help fight to ensure that you get what you deserve. Protect your rights and property by contacting an Essex County high net-worth divorce lawyer now.
