Divorce is a difficult legal matter that only increases in complexity when wealthy individuals are involved. At The Micklin Law Group, LLC in Nutley, we offer skilled representation to clients embroiled in high asset divorces throughout New Jersey. Our attorneys have more than 20 years of experience focusing on divorce and family law issues.
Complex Assets in High Net Worth Divorces
Unlike most divorces, high net worth divorces come with myriad complex financial assets, including:
- Real estate holdings, including the marital home, rental property and vacation homes
- Businesses, including closely held businesses and family businesses
- Retirement accounts, including pensions, IRAs and 401(k)s
- Investments, including stocks and bonds
- Intellectual property, including copyrights and trademarks
- High value autos, including luxury cars, super cars and collector cars
- High value personal items, including fine art, antiques and special collections
We understand the unique issues relating to these and other assets, ranging from business valuation to ERISA regulations to tax consequences. We can put this understanding to work in crafting arguments and building your case for settlement conferences or litigation.
Hidden Property in High Asset Divorces
Hidden assets and concealed debts are a reality in most high asset marriages. Common hidden assets include overseas accounts; common concealed debts include credit cards or loans in one spouse’s name. When these assets and debts are discovered during the divorce proceedings, and how they are handled from that point on, can depend greatly upon the skill and advocacy provided by your attorney. How you benefit in this arena is also affected by the experience and knowledge of the experts brought in to assist with your case.
Partnering With Financial Experts
To properly handle a high asset divorce, we partner with recognized experts in the financial field, including forensic accountants, QDRO specialists, actuarial experts and certified public accountants. Our network of experts can help us ensure we have taken a holistic approach to your separate and marital assets and debts.
Frequently Asked Questions
In setting forth alimony, the court shall consider, but not be limited to, the following factors:
(1) The actual need and ability of the parties to pay;
(2) The duration of the marriage or civil union;
(3) The age, physical and emotional health of the parties;
(4) The standard of living established in the marriage or civil union and the likelihood that each party can maintain a reasonably comparable standard of living, with neither party having a greater entitlement to that standard of living than the other;
(5) The earning capacities, educational levels, vocational skills, and employability of the parties;
(6) The length of absence from the job market of the party seeking maintenance;
(7) The parental responsibilities for the children;
(8) The time and expense necessary to acquire sufficient education or training to enable the party seeking maintenance to find appropriate employment, the availability of the training and employment, and the opportunity for future acquisitions of capital assets and income;
(9) The history of the financial or non-financial contributions to the marriage or civil union by each party including contributions to the care and education of the children and interruption of personal careers or educational opportunities;
(10) The equitable distribution of property ordered and any payouts on equitable distribution, directly or indirectly, out of current income, to the extent this consideration is reasonable, just and fair;
(11) The income available to either party through investment of any assets held by that party
(12) The tax treatment and consequences to both parties of any alimony award, including the designation of all or a portion of the payment as a non-taxable payment;
(13) The nature, amount, and length of pendente lite support paid, if any; and
(14) Any other factors which the court may deem relevant.
Based solely on the question above, yes. However, as you can see, ordering alimony requires the Court to take in numerous factors, not just what the parties earn. It would be necessary to discuss your case in greater detail in order to provide a more precise response. You should consult an experienced family law attorney to ensure your interests are protected.
Contact The Micklin Law Group, LLC for Experience You Need and Attention You Deserve
At The Micklin Law Group, LLC, we are known for our personal, prompt and professional services. We also take great pride in providing skilled, discreet services for our high asset divorce clientele. Learn more about how our experience and approach can benefit you during a consultation at our Nutley, New Jersey, offices. Contact us online or call us at 973-562-0100 today to schedule a time to meet with one of our family law attorneys.