Hiring an attorney to navigate your high-asset divorce offers numerous benefits, especially because they remain emotionally uninvolved in the dissolution of the marriage. Their focus shifts towards the financial aspects of the divorce, ensuring the safeguarding of separate assets and the rightful distribution of marital assets under New Jersey’s equitable distribution law.
No one should navigate a New Jersey divorce alone, especially those with substantial or diverse assets. Untangling those assets during a divorce is a multifaceted process, and a divorce attorney experienced in high-asset cases can provide invaluable assistance throughout every stage.
In high-asset divorces, spouses with substantial assets may attempt to conceal or disburse assets to avoid equitable sharing. In such cases, a high-asset divorce lawyer can petition the courts to issue a restraining order, which prevents asset concealment by freezing assets. This order prohibits property transfers, loan acquisitions against property, or modifications to bank or investment accounts. This eases the asset tracking process during the discovery period when financial disclosure is mandatory for both spouses.
Another prevalent financial issue in high-asset divorces arises when one spouse experiences a significant lifestyle change during separation and divorce. An attorney can petition for temporary spousal support payments in instances where one spouse wielded predominant financial control during the marriage.
Valuation & Distribution
Working alongside financial experts, your high-asset divorce lawyer ensures accurate valuation of all separate and community assets. Comprehensive asset valuation is essential before equitable distribution can occur, especially in high-asset divorces where conflicting valuations may arise. A skilled attorney helps navigate these complexities and resolves valuation discrepancies efficiently.
A high-asset divorce attorney addresses challenges that are unique to high-asset spouses, including:
- Equitable distribution of real property, including marital homes, vacation homes, and rental properties
- Division of investment portfolios and retirement accounts
- Protection of separate assets
- Mitigation of tax implications
- Administration of trusts and college savings plans for children’s benefit
- Distribution of valuables such as luxury cars, artwork, boats, RVs, and household furnishings
- Preservation of family heirlooms and inherited wealth
- Determination of a client’s fair share of increased value in separate property during marriage or shared property
- Enforcement of prenuptial or postnuptial agreements, if applicable
Providing Financial Resolution
In summary, entrusting a high-asset divorce attorney ensures meticulous handling of complex financial matters, which helps safeguard your interests and facilitate an equitable resolution of assets.