New Jersey courts divide assets during divorce through the process of equitable division. This means that in order to divide your luxury assets, you will have to know their true values. Read on to learn more about the process.
How are Assets Valued?
In many cases, you cannot rely on your spouse to tell you the true value of an asset. In many cases, your spouse may attempt to undervalue an asset in order to keep it or avoid splitting it fairly. Additionally, assets can be hidden. There are a few ways a spouse can hide assets during a divorce, such as:
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
For these reasons, it is important to bring in an expert to determine the true value of your important assets and uncover any hidden assets.
How are Luxury Assets Divided?
Luxury assets can be especially difficult to divide, but they can be split in a variety of different ways. For example, couples that own vacation homes together can both keep ownership and split the time they have there. This ensures neither spouse has to give it up. However, there are other cases in which a spouse may need to give up certain assets so they can keep others. If one spouse wants to keep a certain high-value item, they have to compensate the other spouse with assets that are of a similar value. It is important to keep equitable distribution in mind during this time, as it is used to settle a fair division.
What to Know About Selling Assets:
In some cases, it can be easier for luxury items to be sold so the money can be split between spouses. This may be beneficial in the following situations:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
If you are getting divorced in New Jersey, you will need the help of an experienced divorce attorney. Our firm is here to walk you through the process each step of the way.
Contact our Firm
We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928