New Jersey High-Asset Divorce Lawyer

Divorces involving spouses with more than $1 million net worth are considered high-asset divorces, and spouses have a lot more at stake. High-asset divorces differ significantly from typical divorces due to substantial and valuable assets such as business holdings, real estate, diverse investments, and valuable luxury marital and personal property.

High-asset divorces often require enlisting forensic accountants, appraisers, and other experts to locate assets, prepare financial disclosures, and valuate assets. Issues such as alimony, child support, and tax implications are more complex, and prenuptial or postnuptial agreements are often in place that can affect negotiations and asset distribution.

How Do High-Asset Divorces Differ From Other Divorces?

High-asset divorces differ in several ways. The main one is that high-net-worth spouses typically have extensive assets and much more at stake financially, such as designer jewelry, art, luxury items, multiple real estate, high-value investments, business ownership, and more. High-asset divorces also require considerably more work, cost, and time, often taking more than a year to settle.

Mediation, an alternative dispute resolution process, can reduce time, cost, and courtroom battles in a high-asset divorce. It is typically an excellent option for high-net-worth spouses to take control of their own divorce proceedings and calmly negotiate all issues with the help of a trained mediator who facilitates proceedings.

Privacy is another significant benefit of mediation. Courtroom divorce proceedings are public records disclosing spouses’ assets, holdings, and settlement agreements. Mediation proceedings are confidential, and most high-net-worth spouses prefer to keep the extent of their estate private. Mediation is generally a faster, less expensive method for divorcing.

What Are Common Assets in High-Net-Worth Divorces?

High-net-worth spouses tend to have a significantly larger number of assets and greater overall value. High-asset divorces often include more complex assets and luxury items, such as boats, business investments or ownership, domestic and international bank accounts, family heirlooms, fine art, and high-dollar retirement accounts.

Other common assets often include a high-value primary residence, intellectual property, long-term employment incentives, offshore investments, diverse investment portfolios, non-residential real estate holdings, rental properties, stock options, trust funds, and vacation homes. 

How Are Assets Divided in New Jersey?

New Jersey is an equitable distribution state, meaning assets are divided fairly, not necessarily equally, and are distributed based on whether they are marital or separate property. Marital property includes assets and debts jointly acquired during the marriage, such as the marital home, bank accounts, investments, vacation homes, vehicles, and luxury items. Marital property in New Jersey is subject to division between spouses.

Separate property, on the other hand, refers to assets owned by one spouse, obtained either prior to or during the marriage, such as inheritance or business ownership. Separate property is not generally considered divisible unless used to acquire joint marital property, such as applying a portion of inheritance to purchasing a vacation home. Courts may consider the asset as marital property and equitably divided in such instances.

The distribution of assets is often more complex due to existing prenuptial or postnuptial agreements, which are common in high-asset divorces, especially if one spouse entered the marriage with significant wealth or property. The courts must comply with instructions on the distribution of property outlined in these agreements, provided they are determined to be valid and enforceable.

What if My Spouse Hides Assets?

Hiding assets is considerably more common during high-asset divorces and often easier when assets are distributed across multiple locations, such as real estate or international investments. It is illegal to hide assets in New Jersey, and doing so can have significant consequences, including fines, incarceration, loss of legal representation, and the other spouse recovering a higher percentage of assets. Not to mention, hiding assets damages your credibility in court.

Hidden assets are likely to be discovered during the discovery process when both spouses are required to disclose all assets, debts, and income. In high-asset divorces, however, discovery typically includes forensic accountants and other experts trained to locate and valuate assets and identify any irregularities. Hidden assets will be revealed during discovery, and the responsible spouse will face far more loss than they were concealing.

Unfortunately, assets are most commonly hidden in mutually owned businesses, particularly if one spouse is less involved in daily operations. Locating assets hidden within businesses requires extensive investigation but will eventually be discovered.

Do High-Asset Divorces Include Spousal Support?

Spousal support, commonly known as alimony, is often awarded in high-asset divorces and is one of the most contentious issues. With many high-asset spouses, one spouse typically earns more than the other and is typically required to pay alimony during or after divorce. The allotment and duration of alimony are based on many factors, including but not limited to the length of the marriage, financial necessity, marital standard of living, and the other spouse’s ability to pay.

Do I Need a Lawyer for a High-Asset Divorce in New Jersey?

In New Jersey, you are not required to retain an attorney to divorce. With what is typically at stake in a high-asset divorce, it is crucial to seek legal representation to protect what is yours and obtain a more favorable outcome.

At Zeigler Law Group, LLC, a skilled New Jersey high-asset divorce lawyer can help in many ways, including but not limited to the following:

• Locate and value assets.
• Consult experts.
• Handle all documents and filings.
• Manage complex finances.
• Anticipate potential issues.
• Develop tailored strategies.
• Assess alimony and child support.
• Determine equitable asset distribution.
• Protect your legal rights.
• Represent you in court if necessary.

Another significant consideration in a high-asset divorce is tax implications, which can have long-term negative consequences. Given the extent of wealth and assets, taxes affecting alimony, child support, business ownership, capital gains tax, estate taxes, property transfers, and retirement are often considerable.

Tax implications during divorce can have long-term negative consequences for spouses without exceptional legal guidance and advice. High-asset divorces demand meticulous attention to detail and a comprehensive understanding of tax laws – particularly their consequences. For tax implications alone in a high-asset divorce, you need an exceptionally skilled attorney to protect your best interests and minimize the tax consequences.

In addition to decades of experience, Sonya K. Zeigler, Esq. holds a Master of Laws (LL.M.) in Taxation. This, coupled with her extensive financial knowledge and unmatched negotiation skills, makes Sonya your best ally during a high-asset divorce.

A New Jersey High-Asset Divorce Lawyer at Zeigler Law Group, LLC Protects Your Assets and Your Rights

If you have a high net worth and are considering divorce, you need legal counsel you can trust to protect your interests and your assets. Call a New Jersey high-asset divorce lawyer at Zeigler Law Group, LLC at 732-361-4827 or complete an online form to schedule a free consultation. Located in Toms River, Red Bank, Princeton, and Mount Laurel, New Jersey, we serve clients in Ocean County, Monmouth County, Mercer County, and Burlington County.