High Net Worth Divorce Attorneys
Skilled New Jersey divorce attorneys ensure proper division of couple’s assets
Divorce can be a complicated process. And when a couple has high net worth, the process can become even more complex. High net worth divorces are far more challenging to navigate as all the assets must be considered carefully to ensure that property is divided appropriately. The divorce lawyers at New Jersey’s Lomurro Law are knowledgeable and experienced in all aspects of high net worth divorce, skillfully and successfully guiding couples through the divorce process to reach the most favorable outcome in each case.
Property division in New Jersey
The Garden State is an “equitable division state” when it comes to property division in a divorce. What this means is that, if a couple divorces, marital property will be divided between the spouses in what the court believes is an equitable manner. Keep in mind that equitable does not necessarily mean equal; the court considers several factors in making its determination as to what it deems is fair property division. First, the court identifies which property is considered marital property. Then that marital property is valued. And lastly, the martial property is divided.
Identifying marital assets
In high net worth divorces, identifying which assets are marital assets can be quite challenging. Assets that were owned by one spouse prior to the marriage may be considered separate property. But the appreciation of these assets may be considered marital property. Prenuptial agreements may affect property rights. And in many situations, there are business interests and shared ownership in real estate.
High net worth cases often involve complicated tax issues related to businesses, real estate, benefit plans, and spousal support. It is important to evaluate all the tax implications when discussing property division in a high net worth divorce, and to incorporate that into your overall financial plan for your life post-divorce.
Spousal support in a high net worth divorce
High net worth divorces may be more likely to award spousal support due to the greater likelihood of a discrepancy between the spouse’s income, particularly if one spouse left the workforce to support the other spouse in business or to be the primary caregiver of the couple’s children.
Experience you can count on. Counsel you can trust.
When it comes to high net worth divorce, experience matters. Understanding the tax laws, the nuances in property division, how to best evaluate an asset’s worth, and other considerations are all critical in ensuring an equitable division of property after divorce. At Lomurro Law, our skilled divorce attorneys have in-depth knowledge of New Jersey’s divorce laws, skillfully handling high net worth divorce cases to reach the most favorable outcome. Contact a member of our team to arrange for a confidential consultation to discuss your case at 732-414-0300 or online. Lomurro Law serves all of Monmouth County, including Asbury Park, Long Branch, Freehold Township, and Wall Township.