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Newton Family Law Blog

Does mediation work in high-asset divorces?

The subject of divorce contains many myths, some as a result of the process being different for every couple. One of these myths is that litigation is the only way (or at least the best way) to resolve high-asset divorces and that alternative methods such as mediation are most effective for those with simple cases.

Naturally, any method will be easier when the marriage has few variables such as children and money. However, mediation is just as productive for couples with lots of complex marital property.

What role does income play in a custody battle?

Divorce is a stressful and strenuous process, and it is only worse if you happen to be battling for custody, too. Divorce and custody often have financial components that the court takes into account. If one or both of the parents involved in a custody case have high income or assets, it is reasonable to wonder what impact this will have on the process and outcome of your petition for custody.

Consider the following three factors in a custody case that a parent's income can affect. Whether you are the primary breadwinner or you and your ex both earned high incomes, you should be aware of the following as you enter the process of petitioning for custody.

How to protect your assets in divorce

Facing a divorce brings many emotional and logistical challenges, not the least of which are those regarding finances. Especially if you are the primary breadwinner in the couple and have supported your spouse through the marriage, you may be particularly concerned about the distribution of your assets following divorce.

There are numerous steps you can take to protect your assets as you face a dissolving marriage. Advance planning and cool-headed thinking can save you from making rash emotional decisions that you may regret later. 

2 unique challenges you might encounter in a high-asset divorce

As a high-asset Sussex County or Warren County resident, you know how crucial it is to take measures to mitigate the risks that jeopardize your wealth and investments. One of them is requiring your fiancé to sign a prenuptial contract before you agree to set a date for the ceremony. Prenuptial contracts are enforceable in divorce court if the judge signs off on them. However, there are other measures you can take to keep your wealth intact in a high-asset divorce. 

High-value divorces are tricky because they involve a significant amount of assets and parties believe the laws of equitable distribution do not apply to their situations. Here are a few more considerations about high-asset divorces and property division

Assets you should not forget when facing property division

After deciding to end your marriage, the next big hurdle you and your spouse face is property division, which can be complicated, especially in a high-asset divorce.

Advanced planning is essential, and you would be wise to make a list of marital assets. Here are six you may not have thought about.

2 mistakes that could cost you in a high-value divorce

If you live in the Sussex and Warren County area and are in a high-value marriage and thinking about divorce, you do not want to rush and make rash decisions. When there are high-value assets at stake, it is not always easy to settle a divorce. Issues are likely to arise when it is time to decide the division of marital assets, child custody, and alimony and child support

You might be feeling many emotions as you struggle to come to terms with the situation. Your feelings can affect your thinking and cause you to make mistakes during the divorce process that could lead to an unfavorable outcome. There is nothing wrong with you feeling angry and confused. Stay calm and consider the following high-value divorce mistakes to avoid. 

Identifying marital and separate property

Divorce is an extensive process where two people who have become one must separate into individuals again. One of the most intricate parts of the process is the division of property

A critical aspect of property division is the classification of the assets. There are specific characteristics that help to determine this.

Imputation of income in a high asset divorce

Spouses who are getting their finances in order in anticipation of a divorce are likely considering the issue of alimony and child support payments. As both of these can depend a great deal on the spouses' respective incomes, many divorce cases end up including some major disputes about the extent of these incomes.

Frequently, each spouse argues that the other has a higher income than he or she claims. In some situations, the court may decide to impute income. This means the court arrives at an amount it officially considers a normal income level for this spouse.

Your divorce does not need to be full of drama

It may seem as if the more money you have, the more challenging and stressful your divorce gets. You may think it is normal for you to do and say things that will keep your spouse off-center so you can improve your chances of getting more of what you want out of the divorce. However, it is not necessary for you to go through a dramatic separation. 

Your separation is only going to be as hard as you and your spouse make it. Here are some things for you to consider to help make your high-value divorce as uneventful as possible. 

Paying your child’s college tuition after divorce

The moment a child announces they were accepted into college, especially if it’s a prestigious institution or their top choice school, is a moment of joy and pride for parents. To see how your child has succeeded and think about what their future holds is a big moment for you.

Then the panic sets in. How will your child pay for tuition? You may have a college savings account set aside already, but tuition and other hidden costs can get expensive and may be more than you anticipated. Even trickier is determining who will pay the bill when you and the child’s other parent are divorced, if it is not already outlined in your divorce settlement.

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