Some New Jersey residents may have found themselves fortunate enough to amass considerable amounts of wealth in their lifetimes. Though being financially secure can be a comfortable feeling, substantial amounts of money and assets could potentially complicate the divorce process. A high asset divorce may lead to each party wanting his or her share, but, in some cases, the individuals may not always be fully considering all of the applicable factors.
Many individuals with considerable wealth have financial planners or other parties to help manage their finances. While such services can be helpful, it is important that each party involved in a divorce understand his or her financial situation. If an individual is unaware of certain accounts or how some assets are being handled, that person could potentially be putting him or herself at a disadvantage when it comes to property division.
Additionally, if individuals want their fair shares, they may want to consider which assets have associated tax burdens. Because different assets with equal values can have different burdens, parties may want to understand how taxes come into play and which items may be more valuable than others in the long run. Having items assessed for value could also be worth considering.
Divorces in which considerable funds and assets are being distributed can quickly become complicated. Therefore, if New Jersey residents do not want to be the victims of unfair agreements, they may wish to ensure that they are knowledgeable on property division and other divorce-related topics. Discussing their circumstances with their legal counsel may help them gain better insight into division strategies.
Source: CNBC, “Breaking up is hard to do: Protecting assets in divorce“, Kelli B. Grant, Jan. 17, 2016