When New Jersey couples decide that it is time to get a divorce, they often focus on the large assets first when it comes to property division negotiations. These assets usually include the family home, any other real estate they may own, cars and expensive furniture. Once tangible items have been divided, splitting cash and hashing out child support or alimony is usually the next step. However, some smaller marital assets can be overlooked, especially if a person does not have a qualified financial adviser on thedivorce team.
Some of these assets include retirement plans, stock and deferred compensation. Even though these assets are often considered to be complicated, they can be divided in a divorce if they are marital property. Even when the assets are identified, it can still be difficult to determine what the tax implications are and what type of split actually makes sense. People also need to determine if they need a Qualified Domestic Relations Order to divide up 401(k) plans and pensions.
For example, splitting a retirement savings 50/50 may seem fair at first, but if a spouse did not work throughout the marriage, they may have a more difficult time saving up more for retirement. This means that the spouse may want to negotiate to receive more of the retirement savings.
When a person is going through a high-asset divorce, it can be difficult to account for all marital property. In some cases, there may be assets that have been forgotten about or even concealed by one of the parties, which is why having the assistance of experienced counsel can be important.