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How Belongings Get Divided In High Asset Divorces

Brad Micklin- How Belongings Get Divided In High Asset Divorces

High asset divorces in New Jersey are viewed in the same way as any other divorce: the assets must be divided equitably, either through an agreement between spouses or at the court’s discretion. However, a high asset divorce may be very different from the average divorce if there is an income disparity between the spouses. Additionally, one party may have a significant premarital property that must be excluded from the divorce settlement, but first, that party’s New Jersey high asset divorce attorney might have to prove it was indeed acquired before the marriage.

There are a few challenges that come with the distribution of property in a high asset divorce, but it doesn’t need to be an unpleasant process. Here’s what to expect if you’re starting a high asset divorce in New Jersey.

Determining Which Assets Are Marital

Premarital assets are exempt from division, but only if they have not been improved or expanded since the marriage. If you have a car collection, for example, but acquired three new cars after the marriage, the collection as a whole is not considered premarital or marital. Instead, the three new cars that were acquired will be considered marital assets.

If you had substantial assets prior to your marriage, it is essential to work with a high asset divorce lawyer in New Jersey who can help you stake your claim over those assets. Your spouse may claim some of your property was acquired after the marriage, so it’s important to compile any receipts or other financial documents that prove otherwise.

In addition to assets, remember that your marital debts must also be distributed equitably. If your spouse accrued debts before you got together, you’ll also want to prove that those should not be considered a marital burden.

Defining “Equitable” Distribution

Dividing property during the marriage is often a contentious issue, especially in high asset divorces. New Jersey follows the concept of equitable distribution. If you and your spouse are unable to reach an agreement with regard to your joint property, a judge will order the division along lines of fairness or equity.

New Jersey’s equitable distribution statute, N.J.S.A 2A:34-23.1 offers some guidelines for judges when it comes to asset distribution. These factors include the length of the marriage, the standard of living established during the marriage, and the debts and liabilities of each party. Clearly, each divorce’s property distribution will be unique.

To further complicate matters, equity does not mean “equal shares.” For this reason, it is extremely important that you hire a New Jersey high asset divorce attorney who can help craft an argument for equity that meets your property division needs.

New Jersey High Asset Divorce Lawyers for Men

Gender norms have been changing over the last several decades, and we now see many wives earning the “big bucks” in marriage. However, it is still more likely that a husband works outside of the home while his wife is a stay at home parent.

If this is the case for your marriage and you earn a substantial income, you should prioritize finding a New Jersey men’s divorce lawyer who understands the challenges men face in the family law courts. The Micklin Law Group’s attorneys for men have seen fathers lose out on valuable parenting time and men forced to make expensive alimony payments simply because their attorneys couldn’t foresee what was coming. Don’t fall victim to that same fate.

New Jersey High Asset Divorce Lawyer

Are you searching for a knowledgeable high asset divorce law firm in New Jersey? At The Micklin Law Group, LLC, we take great pride in providing skilled, discreet services for our high asset divorce clientele. Contact us online or call us at 973-562-0100 today to schedule a time to meet with one of our family law attorneys.

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