Divorce is not usually easy for any couple. However, couples who are in the midst of a high-asset divorce may find the process more complex than their less-wealthy counterparts. New Jersey couples who are considering filing for a divorce and who own multiple properties, valuable collections or who share businesses may need to give extra thought to their divorces.
When a divorce meets the criteria for being considered a high-asset divorce, there are often many properties to be split. These properties can include second homes or vacation homes. Rental properties or commercial real estate may also need special attention and consideration.
In addition to real estate, there may be other less tangible, but no less valuable, assets that must be split. These types of assets can include savings, retirement and investment accounts. Certain types of accounts require additional paperwork for legal division, some of which can be quite complex.
Another type of asset regularly divided in divorce is a business. When couples own a business together, or even when one spouse supported the other during education that led to a professional practice, the business or practice will likely be a topic in the divorce. Before deciding whether to divide, sell or continue to run a business together, spouses should carefully consider all possible outcomes.
Whenever there is a high-asset divorce at stake, a New Jersey couple may need the help of financial professionals who can track down and calculate the value of shared assets. While it is typically best for couples to agree and come to decisions about the division of assets in an amicable manner, negotiations are not always possible. When negotiations break down, outside help may be needed to ensure a fair settlement for all involved. Helpful tips and advice about how to deal with a high-asset divorce can be found on our website.