Although household roles are changing in the 21st century, many high asset divorces in New Jersey still consist of a marriage where the husband is the primary breadwinner. If you’ve found yourself in exactly this position, the first thing you should do is hire a high asset divorce attorney in New Jersey who can help guide you through the process of divorce. However, some men have questions about their assets and how they will be divided even before they file for divorce or hire an attorney. This post is meant to address common questions divorcing men in New Jersey may have about their high asset divorce.
Defining High Asset Divorces in New Jersey
You won’t find one agreed-upon definition for a high asset divorce. Nevertheless, most men’s divorce lawyers in New Jersey agree that they often consist of substantial assets which are both liquid and illiquid.
Assets to consider include:
- Rental property
- Retirement and pension plans
- Stock options
- Deferred compensation
- Brokerage accounts
- Closely-held businesses and professional practices
If you have over a million dollars in marital assets you should consider your divorce high asset and work with an attorney who is experienced in this type of divorce.
How Are Substantial Assets Divided?
The biggest question we hear from most men – even those without substantial assets – is “how will our assets be split up? Will I get to keep everything I’ve earned?” The state of New Jersey requires that the division of assets in a divorce be equitable. This doesn’t mean everything is split down the middle 50/50. If a judge is responsible for dividing up your property he will consider what each party contributed to the marriage. But keep in mind this isn’t only about financial contributions. If your spouse has kept the house, raised the kids, or supported you financially in the past (for example, while you obtained an advanced degree), these factors will need to be considered when determining things like asset division and alimony.
Of course, if you have a prenuptial agreement, that division of property will be enforced in the divorce settlement. Since this isn’t the case for most men, especially those who have been married for many years or amassed substantial assets after they got married. In this case it is important to work with an experienced high asset divorce attorney to ensure you don’t end up giving away more than is necessary in the divorce.
The best way to have control over how your assets are divided is to negotiate with your spouse outside of court. Both parties have an opportunity to have their desires heard through their attorneys, so the spouses will generally leave mediation or negotiations with an agreement that makes them feel mostly satisfied. The settlement must still be equitable, but you can prioritize keeping the assets that are most valuable to you. If you leave it up to a judge to decide how your assets are divided you may be disappointed about what you end up with. So, always remember that you do have the power to affect the outcome of your divorce.
If you’re looking for a New Jersey high asset divorce lawyer to help you protect your most valuable assets, contact The Micklin Law Group’s attorneys for men and fathers in New Jersey. Give our team a call at 973-562-0100 and you’ll hear back from us shortly!