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Newton Family Law Blog

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’s 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:

Seeking modifications to child custody

Various studies show that children thrive best when they have positive relationships with both parents. After a divorce, maintaining these strong relationships may become tricky for the noncustodial parent; however, it is not impossible.

To gain more quality time with a child, a modification to the custody agreement may be appropriate. When seeking a modification, there are a few things to consider.

A stressful holiday season can lead couples to divorce court

With Thanksgiving coming up followed swiftly by the holiday season, year-end anticipation is about to begin for most people. However, the holidays may prove to be less than exciting for shaky marriages, and January is prime time for divorce filings.

A survey of troubled marriages

Understanding New Jersey’s child relocation law

As a parent of a New Jersey child who is no longer in a relationship with your child’s other parent, a time may come when you wish to relocate to another state. Maybe you have a new job opportunity, or perhaps you want your child to reap the benefits of living closer to more of your family members. Conversely, if you are co-parenting in New Jersey, a time may come when your former partner wishes to relocate to another state with your child, but you object to him or her doing so.

Regardless of which side of the coin you fall on, there are certain circumstances that must exist for one parent to relocate to another state with a child when the child’s other parent objects to the move.

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.

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