Hoboken High Asset Divorce Lawyer

Trusted High Asset Divorce Attorney in Hoboken, NJ

While New Jersey doesn’t have a separate divorce proceeding for wealthy spouses, high asset divorces are often more complex due to substantial or financially sophisticated property. High-value assets can also create unique considerations for Hoboken families. A Hoboken high asset divorce lawyer can help you address issues when it comes to significant assets in a New Jersey divorce.

Serving Families With High Net Worth Matters

The Hoboken family law attorneys at The Montanari Law Group serve clients throughout Hoboken, Little Falls, and northern New Jersey with divorce and other family law issues. We know that divorce can have long-term financial consequences for individuals, which is why we approach each case with careful attention. Although every marriage is unique, we tailor our strategy to the assets and goals of each client.

When Does a Divorce Become a High Asset Divorce?

New Jersey has a divorce rate of 2.2 per 1,000 residents, with many of them involving significant assets. New Jersey courts have not defined a dollar amount at which a divorce becomes high net worth.

Generally speaking, a high asset divorce involves spouses who own significant assets or properties that require extra consideration when divided. High asset divorces can include any of the following:

• Expensive primary residences or vacation properties
• Small businesses
• Professional practices
• Retirement accounts
• Pensions
• Stocks
• Bonds
• Expensive vehicles or collectibles

Property doesn’t always mean real estate. Hoboken divorce cases can involve valuable business interests and retirement assets. Unique compensation types like stock options, bonuses, and multi-year contracts can also create questions during asset division.

High Asset Divorce in Hoboken

The median home sale price in Hoboken recently exceeded $800,000, with a median value of $895,100 and 19% of homes valuing at over $1,000,000. Since many divorcing couples typically own at least one residence, real estate is frequently a major focus of divorce cases. Since Hudson County recently had some of the highest real estate price appreciation rates in the state, spouses may disagree about the true value of their home.

New Jersey is an equitable distribution state.  Equitable distribution does not always mean that marital property is divided equally between spouses. However, the courts attempt to distribute it in a way that is fair. Factors considered when attempting to distribute assets equitably include:

• The length of the marriage
• Each spouse’s income or property when getting married
• Standard of living established during marriage
• Economic circumstances of each spouse at the time of division
• Contributions to the acquisition and preservation of assets

Judges also have the discretion to acknowledge a spouse’s role as a homemaker. This factor can come into play when the court is deciding how to split assets like pension funds and retirement accounts.

Many types of property are presumed marital if acquired during the marriage. Assets inherited or gifted directly to one spouse may be considered separate property. When separate and marital property gets mixed or marital contributions are made toward the asset, valuation and division can become more complicated.

Valuing Businesses in a High Asset Divorce

Once parties identify marital property, they must then determine the net value of that property. Business interests may be valued according to their revenues, debts, assets, ownership structure, and future earning potential.

Valuation issues can also arise when dividing stock options, intellectual property, defined benefit retirement plans, and real estate. These assets may require forensic accountants or additional professionals to prepare a comprehensive valuation report.

Hudson County High Asset Divorce Cases

Cases in Hoboken County are heard in the Superior Court of New Jersey, Family Division of the Hudson Vicinage. The Hudson County Family Division is headquartered at the Hudson County Administration Building, 595 Newark Avenue, Jersey City, New Jersey 07306.

Hire a High Asset Divorce Lawyer

It can be helpful to hire a high asset divorce lawyer as soon as you begin considering divorce. A Hoboken high asset divorce attorney can identify marital property and evaluate complex business assets when appropriate. Lawyers can also file motions to require spouses to produce information that they would not otherwise provide voluntarily.

By preparing ahead of time and collecting the right information, you can be confident your rights are secured throughout the divorce. Complex divorces can take longer to complete, which is why you should consider consulting an attorney who understands high asset divorce laws as soon as possible.

FAQs

Are Debts Divided in a New Jersey High Asset Divorce?

Marital debts are divided in a New Jersey high asset divorce based on the circumstances surrounding each debt. When debt is relevant in a divorce action, courts may consider when and why the debt accrued and look at each party’s financial situation. If a debt is in one spouse’s name, that spouse may not solely be responsible for paying it off if the debt was accumulated for the benefit of the marriage.

Can One Spouse Freeze Accounts While a Divorce Is Going On?

One spouse can freeze accounts while a divorce is going on in limited circumstances. A spouse may be allowed to do so if there is reason to believe assets may be moved or hidden.

On the other hand, a spouse generally simply cannot freeze accounts for the sole purpose of keeping the other one out of them. Judges often have the power to grant orders dictating how financial accounts can be managed during this time.

Is Income Received After Separation Considered Marital Property?

Income received after spouses separate is not necessarily subject to division with the other spouse. How it is classified for purposes of property division depends on a variety of factors, including when the income was earned. For example, a spouse may receive a bonus after separation that they worked for during the marriage.

Can a Spouse Sell Marital Property While the Divorce Is Still Pending?

A spouse may face consequences if they sell marital property while the divorce is still pending. Transferring or selling major assets during divorce can lead to legal consequences, especially if that property may be divided as part of equitable distribution. Court orders issued in divorce proceedings can limit parties’ ability to sell certain assets, and the court may question transfers made without a valid explanation.

Request a Consultation Today

If you are contemplating a divorce and have considerable assets, The attorneys at The Montanari Law Group can advocate for you for a fair distribution of property. Schedule a consultation with us today.

Hoboken High Asset Divorce Lawyer Reviews

“Michael is knowledgeable, helpful, proactive, and an expert in his field. I had a very specific situation that he was able to expertly navigate and guide me through for the best possible result. I received exactly the outcome I was hoping for and it’s all thanks to the careful guidance and support of Michael and his team. Thank you again Michael!” – Aidan McGourty

“Jayna Patel was a pleasure to work with. Knowing how knowledgeable and experienced she was put me at ease during a very challenging time. She made the process easy and stress free. I would recommend her services to anyone in need of a family lawyer.” – Leyla

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