Facing a divorce, no matter the circumstances, can be challenging and emotionally complex, and can come with major impacts on your financial portfolio. When you and your spouse own a number of highly valued assets, this already complicated legal scenario can only grow more tense. Divorce proceedings typically become more contentious when there are a large number of valuable assets to divide, and a Bergen County high-asset divorce lawyer is here to help.
At The Montanari Law Group, we can guide you through every step of a high-asset divorce in Bergen County. From Hackensack, Teaneck, Fort Lee, Fair Lawn, Garfield, and Englewood to Bergenfield, Westwood, Ridgewood, Paramus, Mahwah, and Cliffside, we are here to be by your side through all your legal divorce proceedings inside and outside of the Bergen County Justice Center in Hackensack on Main Street.
New Jersey has a divorce rate of 2.3 per 1,000 residents. While not all of these cases involve highly valued assets, when they do, it can make an already tense situation all the more complicated. In Bergen County, a high-asset divorce occurs when a couple with an exceptional amount of combined financial assets seeks to legally dissolve their marriage. In most cases, the couple owns assets valued at a million dollars or more.
In New Jersey, any assets gained during the marriage are considered marital or shared assets and are, therefore, subject to the laws of equitable distribution. While these assets are not always perfectly divided in a 50/50 manner, the judge involved in your case will try to ensure that all divisions are equitable and fair.
This can include a wide range of real estate holdings, such as multiple properties like a vacation home, your primary residence, rental properties, both residential and commercial, and recreational property. All of these are subject to a valuation and equitable division if they were obtained during the time of your marriage. Issues can arise over tax implications and market fluctuations.
When a couple owns stocks, bonds, private equity investments, or mutual funds, it can be a challenge to correctly divide these items due to the volatility of the market and potential tax consequences. It is vital to ensure these items undergo a proper valuation and that diligent distribution strategies are implemented to secure financial stability.
If one or both spouses own a business, it is essential that the business undergo a professional valuation so that an equitable division is possible. There are several elements of your business that may be affected by a divorce, including revenue streams, business operations, and ownership stakes. It is also likely that disputes will arise over whether or not the business is marital property.
When one or both parties in a marriage own a 401(k), an IRA, or a pension, these require specific legal orders, such as a Qualified Domestic Relations Order (QDRO), to make sure the division is as fair and equitable as possible. At our law firm, we can make sure you consider all potential tax penalties when it comes to the allocation of these assets.
When any copyrights, trademarks, royalties, or patents are involved in a divorce, the division of these assets can be specifically complex, as they are most likely still generating some form of income. When working to ensure that an equitable distribution takes place, you must factor all the potential earnings of these items into the final settlement.
Couples who are considered to be high-net-worth typically own a wide range of expensive or collectible items, such as art, boats, or jewelry. It is important to ensure that these assets are professionally appraised, as any disputes over ownership or the sentimental value of an item could lead to a more complicated process.
Often, in cases of high-asset divorce, spouses may try to conceal various assets through offshore accounts, complicated financial structures, or trusts. It may be necessary, in these situations, to hire a forensic accountant to uncover any hidden wealth and ensure there is complete and total financial transparency in the case.
In Bergen County, where the median household income currently sits at $123,715, high-asset divorces are not unheard of. These cases tend to produce a wide range of unique legal challenges, which may only further complicate your divorce proceedings. These challenges can include:
If you are facing a high-asset divorce in Bergen County, the team at The Montanari Law Group is here for you. We understand the unique challenges that are often associated with these cases, the legal landscape of Bergen County, and how the local courts will treat your proceedings. Contact our Little Falls office today to schedule your initial consultation and learn how we can help with your case.