Edison Township High-Net-Worth Divorce Lawyer
One of the most difficult aspects of divorce typically regards dividing assets. This is particularly true for high-net-worth couples, who usually have much more complex financial arrangements.
High-net-worth or high-asset couples commonly have complicated finances and may confuse someone who is unfamiliar with finance. Speaking with a dedicated attorney may positively influence a person’s divorce.
Seeking counsel from an Edison Township high-net-worth divorce lawyer who is experienced with the financial implications of divorce for high-asset individuals can help you reach the best possible outcome.Optimizing Results of a High-Asset Divorce
Some states use a community property approach, which generally allows assets acquired during the marriage to be divided equally. However, most states, including New Jersey operate as common law property states, where the courts have more flexibility.
Under a common law property system, courts merely must ensure a fair and equitable distribution of marital assets. In practice, this generally means that either spouse could get as little as one-third of the property or as much as two-thirds.
Judges tend to have a lot of discretion and may look at many factors before reaching a decision. Often a judge may consider the relative earning contributions of the spouses, the value of one spouse staying at home to raise the children, and the earning potential of each going forward.
The majority of divisible assets in a divorce usually are financial and may include:
- Money in bank accounts
- Family residence
- Rights to deferred compensation
Properly and reasonably dividing these assets can be a complex process. An experienced Edison Township high-net-worth divorce lawyer may help explain New Jersey law and better inform a person who is going through a divorce.Real Estate in Edison Township
Disposition of the family home usually depends on the circumstances. Generally, for a couple with minor children, the parent who does the majority of the child-raising typically keeps the marital home. However, if one spouse bought real estate with their own separate money and it is not the same primary residence of the children, they typically can keep it.
If the spouses cannot reach an agreement, the court typically intervenes to decide on a fair result. In some cases, the couple does not have children. Without a child’s welfare to consider, the courts may require the house to be sold and the money distributed.
Assets should typically not be divided based only on their current value. An Edison Township high-net-worth divorce lawyer can help provide a more sophisticated appraisal of an asset. Often an asset’s liquidity, cost basis, and any tax implications that will arise during the selling process will be considered.Marital Agreements
High-asset couples are more likely to have a prenuptial agreement. This is a written contract designed to settle issues that might arise during a divorce. The document will usually list the property each person owns, plus any debts and may additionally specify who gets different assets after the marriage.
Some items that are purchased during a marriage automatically are presumed to be part of the marital estate. A prenuptial agreement typically declares who owns specific property. It may state that the property in question is owned by a single spouse or is jointly owned.Speak with an Edison Township High-Net-Worth Divorce Attorney Today
There are many complicated factors in a divorce. A high-net-worth or high-asset divorce may present incredibly elaborate financial arrangements that could be difficult to divide.
An Edison Township high-net-worth divorce lawyer could help a person be treated fairly and potentially defend financial interests. A skilled attorney could examine your case and possibly reduce the consequences of financial fallout common to a divorce. Request a consult today.