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Preparing for the division of property in a high-asset divorce

On Behalf of | Apr 7, 2024 | Divorce |

If you are facing the end of your marriage, you probably have some questions and concerns about how the process could affect your financial future. This could especially be the case if you’re involved in a high-asset divorce where the financial stakes are significantly higher and there is greater potential for issues to arise. In these situations, being adequately prepared for the division of property can help ensure that you ultimately receive your rightful share of the qualifying marital assets. 

Many complex matters can be involved in these cases that commonly include 401(k)s, pensions, bank accounts, business ownership and more. Since New Jersey is an equitable distribution state, the amount a court deems as your rightful share of each marital asset can greatly vary. Fortunately, there are certain steps you can take before the division of property that can minimize the chances of encountering any complications during the proceedings, including the following:  

  • Identify all assets both you and your soon-to-be ex-spouse own. You may also need to take advantage of professional assistance when determining the value of some of these items, such as real estate properties, vehicles, stock options and more.  
  • Determine which of these assets will qualify as separate property and which qualify as marital property. 
  • Take into account any potential third-party claims to certain property from siblings, children, and other close family members or specified individuals.  
  • Consider all potential tax repercussions.  
  • Identify all marital debt, typically treated in the same manner as marital property during the division of assets. Any debt accumulated by you or your partner before the marriage will most likely not be eligible for division. 
  • Make sure to factor any future child support payments into the equation if applicable. 

Since each high-asset divorce case comes with its own set of unique circumstances, there may be other measures you could implement to eliminate the potential for any missteps and allow you to better focus on moving forward to a brighter future. An experienced New Jersey family law attorney can provide you with much-needed peace of mind by carefully guiding you through every step of the divorce process, including all matters related to the division of property.