High net worth divorces in New Jersey necessitate legal counsel that is intimately familiar with the issues that can arise. For example, identifying and establishing the existence and whereabouts of all assets is essential to a fair distribution between the parties. Of course, once the assets have been compiled the divorcing couple will need a solid and often independent appraisal of value. This includes business evaluations, which are typically performed by a forensic accountant. Both sides will need an attorney who has the knowledge and expertise to work with these accountants. Real Estate holdings may also comprise a substantial portion of the overall asset base.
Many high net worth divorces may also include valuations of collectibles. Depending on the nature of the collectibles, these evaluations may require a depth of knowledge in the kinds and potential value of these types of assets. For example, rare coins, stamps, classic/exotic automobiles, artwork, jewelry and gemstones, and fine wines are just a few of the possibilities. Some of these, such as coins, stamps and jewelry are easy for an unscrupulous individual to hide from a spouse and an inexperienced attorney.
It is also important to remember that New Jersey is an equitable distribution state. The definition of equitable distribution is as follows: “the division of marital assets in a manner that is fair but not necessarily equal”. There are many factors that come into play to reach a settlement or prevail at trial including: the length of the marriage, the marital standard of living, each spouses age, health and ability to maintain a comparable standard of living. An attorney experienced in high net worth divorces must be capable of navigating through these sometimes muddy waters.
Last but not least, your legal counsel should be focused on preserving the assets you and/or your spouse have accumulated. You have worked hard for what you have accumulated! Protecting those assets is vital to you and your family.
At Edens Law Group we have decades of experience in high net worth divorce matters. Give is a call today at 908 879 9499. Give us a call today to set up your personalized strategy session.