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Divorces in which one or both spouses have a net worth of more than $1 million in wealth or assets are considered high asset. Divorces of this type are generally exceedingly complex and time-consuming, particularly when one spouse holds a higher financial standing than the other.
High-asset divorces require a top-notch law firm with knowledgeable lawyers exceptionally skilled at handling vast wealth, numerous high-value assets, and large estates. That firm is Wiley Lavender Maknoor, PC in Middlesex County, New Jersey.
How Do High-Asset Divorces Differ From Traditional Divorces?
Along with vast wealth and assets, many other factors set high-asset divorces apart from others, such as:
- Cost: High-asset divorces are much more costly than other divorces and often require the hiring of industry experts in addition to legal counsel.
- Length: High-asset divorces require considerably more time, particularly in locating and determining the value of all assets.
- Tax implications: Taxes are often considerable given the value and number of high-dollar marital assets.
- Property division: Determining the division of marital and separate property takes considerable time in high-asset divorces and involves numerous different types of accounts.
- Mediation: Couples in high-asset divorces often prefer mediation to the courts, as mediation is confidential.
What Unique Issues Are Common in a High-Asset Divorce?
Couples in high-asset divorces often have more complicated investments than traditional bank accounts, basic investments, or business interests, such as a closely held corporation or longstanding family-owned business.
Other common issues typically involved in a high-asset divorce include:
Division of closely held businesses are generally the most complicated assets to navigate.
How Is Marital Property Divided in Middlesex County High-Asset Divorces?
New Jersey is an equitable property state, meaning all marital assets and debts will be divided fairly but not necessarily equally. Equitable property laws consider the origin of marital and separate assets when determining property division, except in premarital agreements.
Marital assets are items accrued during marriage, such as bank accounts, financial investments, real estate, and retirements. Separate assets are those acquired by one spouse before or during the marriage, such as real estate and inheritance. However, if the asset, such as inheritance, is used to acquire a marital asset, such as a vacation home, the inheritance may be considered marital property during divorce.
As high-asset divorce lawyers in Middlesex County, every legal team member at Wiley Lavender Maknoor, PC provides unparalleled experience and knowledge. Each high-asset divorce presents its unique circumstances. We can thoroughly guide you through the process and protect your rights and best interests to secure the most favorable outcome.
Middlesex County High-Asset Divorce Lawyers at Wiley Lavender Maknoor, PC Help Clients Navigate the Challenges and Complexities of High-Asset Divorce
High-asset divorces are often difficult and strenuous. Vast wealth and many valuable assets require considerably more consideration and negotiation. Our experienced Middlesex County high-asset divorce lawyers at Wiley Lavender Maknoor, PC are exceptionally skilled negotiators and litigators. Call 732-494-6099 or contact us online to schedule a free consultation. Located in Metuchen, New Jersey, we serve clients in Middlesex County, Monmouth County, Union County, and Somerset County.