Newton Family Law Blog

Valuing art before a high-asset divorce

There are many reasons to collect artwork. Whether art is your passion, you enjoy collecting interesting pieces or you are planning for the future, you and your spouse may have assembled a notable collection during your marriage. If you are heading for divorce court, though, you likely have to think about what happens to your art during your high-asset divorce. 

In New Jersey, judges use an equitable standard when deciding how to distribute marital property. As such, the judge in your matter has jurisdiction to determine how to deal with the artwork that jointly belongs to you and your spouse. Whether you plan to sell the art and split the proceeds or keep it and pay your spouse a fair share of the income, you must know how much your artwork is worth. 

Mid-life divorce and overcoming future financial fears

You may have had a long marriage that is now coming to an end. Over the years, you and your soon-to-be-ex have accumulated considerable assets.

Despite the wealth, the vision you once had for your retirement is also coming to an end and in its place is anxiety. How can you get around the fear that you will not have enough to live on after the divorce?

Understanding how alimony works in New Jersey

Chances are, you did not enter into a New Jersey marriage thinking that it would one day come to an end, but regrettably, many American marriages ultimately end in divorce. If you count yourself among those who sacrificed your career or education so that your spouse can pursue his or hers, or if you have become accustomed to a certain lifestyle during your marriage, you may have cause to seek alimony.

So, how can you determine whether you might be able to get alimony in your New Jersey divorce?

How to get your share of stock options in a divorce

The division of assets in a divorce can be contentious and complicated, even when it is only the family home and retirement accounts at stake. If valuing common assets can lead to disputes, imagine what can happen in a financially complex situation. Stock options are some of the most difficult assets to value and split in a divorce.

As a refresher, some employers grant employees the right to purchase company stock in the future at a set price. This allows the employee to buy the stock at a cheaper price and sell it for a significant profit. If your spouse has stock options, here are some tips for handling these assets during your divorce.

The bitter truth about divorce and retirement accounts

Many people know that divorce has an impact on wealth, but some high asset couples may not realize how much of an impact it can have on retirement. Though the laws of equitable distribution reign supreme in New Jersey divorce cases, when it comes to retirement accounts, the rules on how to split them are not as cut and dried. Some retirement accounts have different parameters that can affect the outcome of a divorce settlement. 

Careful consideration of personal and spouse retirement accounts during the divorce process can help to minimize a variety of issues that can create additional financial and tax complications after the ink is dry on the settlement. 

5 mistakes to avoid during a high-asset divorce

All divorces can be complicated, but it is especially a risk when valuable assets are concerned. If you are ending your marriage with complex assets such as businesses, financial interests and properties, you may be in for a tricky and contentious process. 

It is vital to be as thoughtful and careful as possible during a high-asset divorce. Significant assets are on the line. There are some common mistakes that people make in these situations that you should avoid at all costs.

Forensic accounting discovery in high asset divorce

In high-asset divorce cases, it is probably human nature for spouses to suspect each other of not being completely upfront about assets. This can be the case when one spouse is financially sophisticated and handles the couple's assets while the other spouse isn't well-versed in financial affairs.

If the divorce is acrimonious, it can be particularly tempting for an angry spouse to squirrel away funds, a process that may have begun long before the other spouse began to suspect the marriage was in trouble.

Protecting your inheritance in a divorce

When two people marry, they often share everything. They generally create a joint bank account where both their incomes go. In the event the couple divorces, they will need to divide the money and assets, and when one spouse received a hefty inheritance, it can create problems. 

When spouses are not careful, they can lose up to half of the inheritance in a divorce. However, there are steps both people can take to protect the money they receive from an inheritance. 

When might a forensic accountant help in a divorce case?

As someone currently embroiled in a New Jersey divorce, you may have suspicions your spouse is less-than-truthful about the current state of his or her financial affairs. Even if you do trust your spouse is being upfront with you about finances, you may have an especially complex financial portfolio you are not sure how to divide.

For these and similar reasons, many divorcing couples enlist the aid of a forensic accountant to help in their divorce cases. At its core, the role of the forensic accountant in a divorce is to take an intensely close look at a couple‚Äôs finances, and this may include tracing income or locating missing or hidden assets and liabilities, among related tasks. So, how might you determine whether you need a forensic accountant on your divorce team? You may find it particularly advantageous to hire one if you or your spouse:

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