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 divorce 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
When those in a high-earning career (doctor, lawyer, entertainer, etc.) or those who have accumulated substantial assets decide to divorce, it is considered a high asset divorce. There are special considerations during this kind of divorce because there is so much at stake.
Your marital assets must be divided equitably during the divorce, which means you will both walk away with some assets. If you’re concerned about your wife ending up with more than her fair share, a high asset divorce lawyer can help.
While it’s not possible to keep all your marital assets during a divorce, you are entitled to all of your established premarital assets and an equitable distribution of everything else. Your high asset divorce lawyer for men will help you define your premarital assets and negotiate for a fair settlement.
High asset divorces are different because there is so much at stake. Many high earning men who decide to get a divorce are concerned they will lose all they’ve worked so hard to achieve over the past years or decades. Our attorneys make sure that doesn’t happen for our clients.
Retirement accounts are considered in the context of the couple’s marital assets and may end up disbursed between both spouses when all is said and done. They are an asset that can be negotiated over, just like almost every other marital asset is “up for grabs” if the couple can agree on a fair split.
We assume the division of assets will be more contentious in a high net worth divorce. In addition, premarital property often comes into play. Other common issues include enforcing a prenuptial agreement and negotiating alimony payments.
All fathers in New Jersey are entitled to parenting time with their child assuming the court views them as a fit parent. Your income should not affect your ability to receive time with your child. You are free to pursue joint or sole custody with your child custody lawyer as you see fit.
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.