Newton Family Law Blog

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.

Does divorce mediation make sense for you?

In a high-asset divorce, property division can present many complex issues. If you and your soon-to-be-ex find yourselves unable to come to an agreement, consider taking contentious issues to mediation.

For many, mediation can offer a number of advantages over traditional litigation. New Jersey courts may order parties to attend at least one session, or parties may choose mediation voluntarily. However, every case is different, so be sure to discuss your situation with a qualified attorney who is proficient in handling high-asset matters in a mediation context.

Dividing a retirement fund? Follow these important tips

Many people who are going through a divorce know that it can be tough to find a mutually satisfying agreement while remaining amicable. This can be particularly true when it comes to dividing up retirement funds.

Retirement accounts can be significant assets, and dividing them correctly is crucial in a divorce agreement. If done incorrectly, you could be stuck with hefty fees, tax penalties and an arrangement that isn't beneficial for either party.

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