New Jersey High-Asset Divorce

High-asset divorces involve at least one spouse with more than $1 million in wealth and assets. They are exceedingly complex, particularly if one spouse has a higher financial standing than the other. They involve more complicated financial investments, business interests, and real estate holdings that require top-notch legal representation by a divorce lawyer experienced in handling these complex divorces.  At Torchin Martel Orr LLC, our New Jersey high-asset divorce lawyers understand the challenges associated with these complex cases. Our team is dedicated to providing the unparalleled guidance and comprehensive representation you need to protect your best interests and legal rights.

HOW ARE HIGH-NET-WORTH DIVORCES DIFFERENT?

High-asset divorces differ in many ways, beginning with high net worth and a larger-than-average number of assets. Other factors that distinguish a high-asset divorce from a standard divorce include:

• Alternative proceedings: While any divorce can be handled through alternative processes, couples involved in high-asset divorces tend to prefer them in most cases. Processes such as mediation are private, and all proceedings and information are kept confidential, in contrast to courtroom proceedings, in which transcripts and all information become public records. Mediation is also less expensive and a faster method of divorcing.

• Cost: The costs associated with high-asset divorces are typically much higher than average due to the number of assets, businesses, and financial interests, plus fees associated with lawyers, accountants, and valuation appraisers.
• Length: High asset divorces take much longer than standard divorces to settle, locate, and evaluate assets and accurately calculate their value. High-asset divorces are often hotly contentious, given the wealth at stake, and negotiations can take years when couples refuse to compromise or relent.
• Tax implications: Taxes on marital assets are often considerable when involving high-dollar assets.
• Division of assets: Determining the division of a large amount of marital property takes significantly more time in high-asset divorces. This is particularly the case when assets contain numerous financial accounts, business interests, real estate, investments, and more.

WHAT ARE THE DIFFERENT TYPES OF HIGH ASSETS?

High-asset divorces include many assets, such as primary residence, vehicles, and bank accounts, as standard divorces. High-asset divorces typically involve a much larger number of assets with higher values. Other types of high assets include:

• Boats and other high-value vehicles
• Business investments and closely held enterprises
• Domestic and international bank accounts
• Family heirlooms
• Fine artwork
• High-dollar retirement accounts or pensions
• High-value primary residence and vacation residences
• Intellectual property
• Offshore investments
• Portfolios of other investments
• Real estate holdings other than residences
• Stock options and investments
• Trust funds

HOW IS MARITAL PROPERTY DIVIDED IN NEW JERSEY?

New Jersey is an equitable property state, meaning assets are divided in a fair, but not necessarily equal, manner. Marital property refers to assets and debts acquired and enjoyed by both spouses during the marriage, including but not limited to:

• Bank accounts and other finances
• Businesses and business interests
• Fine art
• Investments
• Loans
• Real estate, including marital residences, vacation residences, and rental properties
• Retirement accounts
• Vehicles and boats

Separate property solely owned by one spouse before or acquired during the marriage is generally not divisible during divorce. However, if separate property is applied to obtain marital property, such as using inheritance funds to acquire a jointly owned asset, the property can be considered marital and subject to division. Pre-nuptial and post-nuptial agreements are quite common in high-asset divorces to establish ownership and protect separate property from being included in the divorce.  Additionally, most high-asset divorces involve family-owned businesses, considered marital property during divorce in New Jersey, even if owned by only one spouse.

CAN ASSETS BE HIDDEN DURING DIVORCE?

Hidden assets are a common tactic some attempt during a high-asset divorce to downplay their net worth, keep assets, and avoid paying high rates of child support or alimony. High-net-worth couples typically have multiple assets in multiple locations, such as offshore bank accounts, national and international businesses, various types of real estate, and investments that require considerable time to locate and value. Though it may appear easy to accomplish, hiding assets is usually futile. High-asset divorces involve forensic accountants and other experts who have the experience and skill set to identify financial irregularities and valuation appraisers who can determine worth, particularly in large and complex estates. Hidden assets will be discovered at some point during the process. Courts do not look favorably on individuals who attempt to hide assets, and it can be a detrimental—and costly—mistake for those who do.

IS ALIMONY STANDARD IN A HIGH-ASSET DIVORCE?

Maintaining the marital lifestyle is an important consideration during divorce and alimony decisions and plays a significant role in high-asset divorces. New Jersey courts assess the standard of living to determine appropriate levels of alimony by considering the following:

• Marriage length: Longer-lasting marriage typically correlates to extended terms of alimony.
• Lifestyle: A thorough understanding of the marital standard of living sets the benchmark, such as spending habits, education costs, mortgages, and more.
• Income: Courts assess each spouse’s income streams and potential earning capacity.

Alimony is frequently the most hotly contested issue during high-asset divorces. In most such marriages, one spouse often earns more, which means the divorce will significantly affect the other’s standard of living once finalized, leading to one spouse paying alimony.

HOW CAN A NEW JERSEY HIGH-ASSET DIVORCE LAWYER HELP ME?

Working with a divorce lawyer experienced in managing the complexities of large estates, vast wealth, and numerous high-value assets is crucial during a high-net-worth divorce. A high-asset divorce lawyer has extensive knowledge of particular divorce laws to ensure equitable property division, child custody, and spousal support will be handled properly, fairly, and in your best interests.  Our seasoned New Jersey high-asset divorce lawyers at Torchin Martel Orr LLC will help you in the following ways:

• Locate assets and identify marital property.
• Work with financial and valuation experts to accurately value significant assets.
• File required documents by appropriate deadlines.
• Provide comprehensive legal guidance and tailored strategies.
• Manage complex financial issues, such as business interests.
• Identify tax-efficient strategies for asset division.
• Assess child and spousal support.
• Negotiate a settlement.
• Represent you in court should your divorce go to trial.
• Protect your legal rights and best interests.

OUR SKILLED NEW JERSEY HIGH-ASSET DIVORCE LAWYERS AT TORCHIN MARTEL ORR LLC HELP CLIENTS IN CONTENTIOUS HIGH-NET-WORTH DIVORCES

During a high-asset divorce, you have much to protect. At Torchin Martel Orr LLC, our New Jersey high-asset divorce lawyers are experienced with the complex challenges of navigating New Jersey divorce law. We will protect your rights and assets. Call 201-971-4866 or contact us online to schedule a consultation. Located in Paramus, New Jersey, we serve clients in Bergen County, Morris County, Essex County, Hudson County, and the surrounding towns in northern New Jersey.