Reaching agreement on assets in a New Jersey divorce

On Behalf of | May 3, 2021 | Divorce |

Some areas of the law routinely deal with a limited number of relatively well-defined and straightforward issues.

Family law – especially regarding divorce considerations – is not one of them.

Indeed, the marital dissolution challenges that emerge for individuals and couples in New Jersey and spanning the country are often among the most complicated and cumbersome existing in any legal universe.

The inherent hurdles and complexity that often feature in family law matters are both understandable and traceable to a common source.

That is families, of course, which are organic and immediately differentiated units. A proven New Jersey legal source addressing divorce concerns duly notes that, “Every family is unique and so is every divorce.”

That singular quality inhering in family law invites timely, on-point and client-empathetic input from a seasoned legal team on diverse matters such as these:

  • Child custody/visitation and parenting plans
  • Child support
  • Alimony (spousal maintenance)
  • Post-divorce modification and enforcement

As varied as those concerns are, they are often supplemented by other key matters. The above-cited source underscores the fundamental importance of property division for many divorcing New Jersey spouses, especially where significant assets are in play.

New Jersey’s marital asset distribution scheme

New Jersey law provides for an equitable (fair) split of marital assets between divorcing parties. Although that is a relatively quick and simple process in some instances, it can be a challenging exercise in some decouplings.

And it is easy to see why. A so-called “high asset” divorce often features wealth sources of many types. Here are a few examples:

  • Company-linked benefits (e.g., pensions, tax-sheltered retirement accounts, stock options and bonuses)
  • Various savings/investment accounts
  • Diverse realty holdings in addition to a family home
  • A family business
  • Assets held outside the United States
  • Valuable memorabilia and collectibles, such as art, vintage automobiles, coins, rare books and more

Requirements of the asset distribution process

Importantly, all marital wealth (as opposed to separate property not divisible in divorce, such as pre-marital wealth sources, inheritances and other contractually safeguarded assets) must be timely identified. That can be an obvious chore in a high-net-worth split. And it can be rendered even more problematic when – as is not a distinctly rare occurrence – one impending ex seeks to unlawfully hide marital property.

One identified, marital assets (and accumulated debt as well) must be accurately valued, a task that an experienced legal team often spearheads with input from designated financial professionals.

The ultimate goal, of course, is equitable distribution. Dedicated and seasoned property division attorneys will help ensure that the best interests of valued clients are optimally promoted throughout the distribution process.