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When a couple decides to divorce while having a high-value estate, it can make the process even more difficult. A Newark high-asset divorce lawyer can safeguard your rights throughout the entirety of your case.
Here at The Montanari Law Group, Our divorce lawyers in Newark understand how challenging divorces tend to be. We never judge our clients based on their emotions and desires for their case. Our lawyers always strive to be completely transparent with new clients, helping them make informed decisions about their futures.
We offer initial consultations to those needing legal guidance in Newark and the surrounding areas.
Only eight miles from Manhattan, Newark is home to 304,943 residents. With 7% to 11% of the city being divorced as of 2023, Newark has a higher divorce rate compared to other American cities. You aren’t alone in this process. It can be difficult knowing where to start, but understanding your rights is vital.
If you’re seeking a divorce, New Jersey has specific laws that must be followed to start the process. These cases are typically overseen by the Essex County Family Courthouse, located at 212 Washington Street. You can file for divorce if:
As of 2023, the average Newark home value was $337,800, and the average household income was $48,416. These are likely the highest value assets a person can have, and knowing your rights is key to making sure they aren’t violated during your case. Often, divorces are full of intense emotions towards your spouse, resulting in everyone wanting to get the most out of the divorce.
Many couples are ordered to attend mediation to resolve their divorce issues. These issues can include property division, alimony, child support, and child custody and visitation.
Mediation is where a neutral third-party, called a mediator, helps both sides express their desires and come to an agreement. Mediators don’t make legal decisions; instead, they facilitate healthy conversations. Most couples can resolve their issues through mediation, and having your lawyer with you can add extra protection.
Mediation is also beneficial because of its privacy. Rather than a public trial, mediation is private and less expensive.
Spousal support, often called alimony, consists of financial payments made from one spouse to the other after a divorce. In New Jersey, the court decides whether alimony is fair in the divorce case, and it considers a multitude of factors to make its decision:
The court can order different types of alimony, depending on the situation:
Short-term and rehabilitative alimony can be changed if circumstances change, but reimbursement alimony can’t be changed. Courts can combine these types, depending on what is fair. Alimony usually does not last longer than the length of a marriage under 20 years unless there are special circumstances. These can include:
Alimony can end or be changed when the paying spouse retires. There is a presumption that it ends at full retirement age, but unpaid amounts must still be paid. Alimony can be stopped if the receiving spouse lives with someone else in a serious relationship.
In a New Jersey divorce, a couple’s property is divided between them equitably by the court. This means the division should be fair, but it is not necessarily equal. Marital property is typically anything the couple got during the marriage, even individual income. Separate property includes assets owned before the marriage, so it is generally not divided.
Yes, separate property can become marital property in specific circumstances. For example, you put an inheritance you got before your marriage into a joint bank account after the marriage began. Perhaps you bought a home before the marriage and then used joint money during the marriage to make home improvements. In these situations, that separate property becomes marital and subject to division during divorce. Working with your lawyer to trace the origins of your property is key in a high-asset divorce.
In New Jersey, depending on the specific circumstances, one spouse may be required to help pay for the other spouse’s attorney. This is done when the court deems it fair to do so based on individual financial situations. The court will look at both parties’ ability to pay and whether they acted in good faith during the marriage. A spouse who tried to hurt the other can’t get lawyer fees from the victim.
Debts are treated like any other property in a divorce case. Debts from before the marriage stay with the spouse who incurred them. Those accumulated during the marriage are generally considered marital debts and divided between the spouses. It doesn’t matter if only one spouse incurred the debt during the marriage; it’s still considered marital property.
With over 20 years of combined legal experience, the Montanari Law Group is the obvious choice for newly divorcing New Jersey residents.
New Jersey law can get confusing fast. Be sure to hire a high-asset divorce lawyer experienced in this niche divorce type, as it can be pivotal to the outcome of your case. Our team offers initial consultations to those living in Newark and the surrounding cities. Reach out to our team today to learn how we can help you.