Ask a Divorce Lawyer in Hackensack, NJ: How to Handle a High Asset Divorce

The War of the Roses is a film released in 1989 that follows the trials and tribulations of a wealthy couple in New Jersey, who at first glance appear to have the perfect marriage. When the marriage heads to divorce, the worst comes out in the couple. Oliver and Barbara Rose proceed to battle each other over each material possession, hurling insults at each other, as each spouse tries to one-up the other.

A famous exchange during the movie, starts us off with an important consideration for those contemplating divorce and have a great number of assets to divide. The dialogue is as follows:

Oliver Rose: And you better get yourself a d%*n good lawyer!

Barbara Rose: Best your money can buy!

Each Spouse Should Lawyer Up

The above exchange highlights the importance of legal representation in a divorce proceeding. In most divorces, one spouse makes more money than the other or has more assets. Especially if one of the spouses stayed home to raise children rather than pursuing a career, he or she may have little income, if any. This spouse is commonly referred to as the non-monied spouse. The monied spouse, on the other hand, is in an immediately advantageous position in a divorce because he or she can hire the best divorce attorney money can buy. The non-monied spouse, on the other hand, may not be able to afford an attorney. In these situations, the non-monied spouse can petition the divorce court to make the monied spouse pay for his or her attorneys’ fees, thus leveling the playing field.

Role of Prenuptial and Postnuptial Agreements

A high net worth divorce is complex because there are more assets to divide. Valuation of these assets, especially if they are rare or unique, will take time and money. The goal of the parties is to reach a fair and reasonable divorce settlement through a process called equitable distribution. The existence of a prenuptial or postnuptial agreement can help simplify the process because it has already determined how certain assets will be divided in the event of a divorce.

Separate Property and Marital Property

The only assets subject to division during a divorce in New Jersey are a couple’s marital property. These are items or money accumulated or acquired during the marriage. Assets owned prior to the marriage are considered separate property and can not be divided in a divorce. These assets remain the sole property of the spouse who owns them. Difficulties arise when a couple commingles their personal property with marital property. For example, if the wife owned a home prior to the marriage and then sells it to purchase a new home with her husband after they are married, what percentage of the marital home is separate property and marital property?

A high Net Worth Divorce Does Not Need to be Contentious

When there are high net worth assets involved in a divorce, New Jersey courts will authorize the hiring of forensic accountants and other financial professionals to properly determine the value of each marital asset. Extended litigation and unnecessary fighting benefit no one but the attorneys and valuators. A fair division of marital property is achievable, making the asset division of a divorce settlement as pleasant as possible.

Ask divorce lawyers in Hackensack, NJ today about legal representation in high asset divorces. Helping families with their divorce, family law, elder law, and estate planning needs in Hackensack, New Jersey, the Giro Law Firm can handle all issues relating to divorce, including child custody, child support, spousal support, and equitable distribution of marital assets. To request a confidential consultation with a divorce lawyer in Hackensack, NJ, click here or call (201) 690-1642 today.