Overview of New Jersey High-Asset Divorce
The financial aspects of a New Jersey divorce oftentimes prove to be the most legally complex and emotionally aggravating elements of a case. The complications and intensity associated with the financial aspects can be magnified manifold when a case is classified as a New Jersey high-asset divorce.
There are a number of facts and factors that you need to bear in mind when it comes to a high-asset divorce, points you need to focus your consideration on as you prepare for a marriage dissolution case. There are five specific topics that need to be addressed in this discussion:
- What is a high-asset divorce?
- Protect Against Hidden Assets
- Will a forensic accountant be necessary?
- Particular challenges of a business in a high-asset divorce
- Protect your legal rights in a high-asset divorce in New Jersey
In basic layperson’s terminology, a high-asset divorce in the Garden State is one in which the parties have considerable amounts in the way of property. By way of a common example, a New Jersey high-asset divorce is apt to be one in which the divorcing parties own some type of business enterprise.
A high-asset divorce is also likely to be one in which the divorcing spouses have investments of a more complicated nature than traditional bank accounts, certificate of deposits, or basic investments in stock. A couple involved in a high-asset marriage dissolution case may also be one in which the spouses own investment real estate. (In the alternative, a divorcing couple with high assets might also own more than one residence.)Protect Against Hidden Assets
Hidden assets can be an issue in a high-asset divorce in New Jersey and elsewhere. The fact that hidden assets are matters of concern in these types of divorces is one of the reasons why retaining the services of a qualified, experienced New Jersey divorce attorney is a must in these types of cases.
An attorney with a background in high-asset marriage dissolution cases will have access to experts that can assist in identifying assets that have been intentionally hidden by a spouse. Experts can also prove vital to providing a valuation for assets that were attempted to be hidden by one or another of the spouses in a New Jersey marriage dissolution proceeding.Will a Forensic Accountant be Necessary?
The possibility does exist that you will need to call upon experts or specialists during the course of a high-asset divorce. One type of professional is what is known as a forensic accountant. A forensic accountant has the skill set and background necessary to identify any irregularities in financial matters, including documentation and other materials, during divorce proceedings. A forensic accountant is particularly helpful in a marriage dissolution case when assets are thought to be hidden.Particular Challenges of a Business in a New Jersey High-Asset Divorce
One of the more potentially challenging aspects of a high-asset divorce in New Jersey and elsewhere is dealing with a family or closely held business enterprise. These challenges come in a number of different forms and include such issues as:
- Determining the value of a family or closely held business during a high-asset divorce
- Distributing the ownership interest or assets associated with a small, family, or closely held business
- Identifying hidden assets that might be concealed within the confines of a business enterprise
- Ascertaining how a business will continue to be operated following the conclusion of a divorce case
- Establishing parameters associated with the sale of a business should the parties elect to take this course during a New Jersey marriage dissolution case
- Setting parameters for a divorcing couple to be able to jointly carry on in the running of a business, should that be the route selected in a divorce
If you want to ensure that your legal rights in a marriage dissolution case are protected appropriately, you are wise to take the proactive step of retaining legal counsel as soon as possible when you are moving towards a divorce case. You can schedule a free initial consultation and case evaluation with the legal team at the Law Offices of Peter Van Aulen.