East Brunswick High Net Worth Divorce Asset Assessment
Assets in a high net worth divorce in East Brunswick, New Jersey often can be complex when the couple has a diverse portfolio. Therefore, a great amount of discovery is required to make sure that all assets have been accounted for.
Furthermore, many high net worth divorces involve self-employed people and people who own businesses. Those are complex cases as they require a forensic accountant to be appointed by a judge of the Superior Court of New Jersey in Middlesex County.
If you are getting divorced, consider hiring a skilled attorney who can help you find the proper accountant to do a thorough East Brunswick high net worth divorce asset assessment. A qualified lawyer can ensure that your rights and your assets, are protected.Placing Value on Businesses
A forensic accountant can place a value on the business. For example, if the wife owns a lucrative business and, during the course of the marriage her husband decided he will be the one to stay home with their children, the husband has a claim to this business as it is technically a marital asset.
A general rule of thumb in a long-term marriage where the business was started around when they first got married, the husband or wife would have a claim to about one-third of the value of the business. Only a forensic accountant would be certified as an expert by a judge of the Superior Court of New Jersey to make such a East Brunswick high net worth asset assessment determination.Finding Hidden Income
A forensic accountant is important in a high net worth divorce in New Jersey is because many folks who are self-employed or have a large amount of assets can do all sorts of planning tax-wise that is legitimate as far as the internal revenue is concerned. However, certain tax deductions would represent hidden income. Therefore, the forensic accountant does a true income analysis, specifically for certain write-offs.
For example, if the owner of a business pays for their vehicle through the business as a benefit, a forensic accountant would add that back to their reported income. If a person is a W-2 employee, they pay for their car after they took bet, instead of the paycheck where a self-employed person can say, that legitimately, under federal law, their vehicle is business equipment, and they get a tax deduction. However, the other spouse would not get that tax deduction and legitimate tax savings. When that person gets divorced, it would not be fair or just for them not to be able to know what their spouse's true income is.What Makes High Net Worth Divorces Easier
Finally, with respect to how assets are treated differently in a high net worth divorce in New Jersey, many times it can simplify matters. Cases where the parties have very limited income and assets can be very difficult cases to settle.Nobody can walk away feeling positive that they are going to be okay financially, because the reality is they are probably not going to be okay financially following a divorce, which can clearly be catastrophic with respect to one's finances. In a high-end divorce, there are enough assets that both parties know that they are going to be secure financially, even after the divorce.
From a New Jersey divorce lawyer's perspective, it also allows creativity for certain people to retain certain assets as a quid pro quo for other assets. For example, somebody will say, that their ex-spouse can keep the beach house and that they themselves will retain the former marital home, assuming that those assets are equal or nearly equal in value.International Assets and Foreign Holdings
In a high net worth divorce case in New Jersey, it is not uncommon that the parties have properties or assets in foreign countries. The way those cases are approached strategy-wise will depend on the value of these assets. If an asset has de minimis value or it is not worth a lot of money, appraisers certified in the foreign country in question will appraise a property or a piece of real estate.
On the other end, if somebody was operating a business out of another country, an attorney who specializes in divorce and family law from that foreign country would be needed to work in conjunction with the law firm in New Jersey to carry out an East Brunswick high net worth divorce asset assessment, value the assets, and, perhaps collect on obtaining the assets once the settlement has been resolved through a trial.Value of an Attorney
Divorce proceedings can feel hectic enough without the added pressure of assessing the value of, and dividing assets. Let a capable divorce attorney take the stress out of this process. An experienced lawyer will have connections to qualified forensic accountants who can perform an East Brunswick high net worth divorce asset assessment, and properly divide your assets. If you are getting divorced, get in touch with a East Brunswick divorce attorney and know that you are in good hands.