New Jersey Divorce Attorneys for High Net Worth Individuals
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High Net Worth Divorce
High Net Worth Divorces must be handled with added Care
When a high net worth couple decides to dissolve their marriage through a divorce, they should be more cautious than a typical couple undergoing a divorce. Given that your financial stake in a fair and equitable divorce is much greater, there are a number of things that must be done to avoid needless complex litigation and of course, to ensure the protection of your assets. Issues in an ordinary divorce, such as Child Custody as well as Child Support, are still present and may present greater difficulties if one of the spouses lives overseas or frequently travels. If you're a high profile individual, you can also follow this link to learn about our services for protecting your privacy.
If you signed a prenuptial agreement before getting married, you may have concerns about how your prenup would impact asset distribution in the event of a divorce. Our divorce lawyers will examine your prenuptial agreement in depth and discuss with you the effect it will have on the settlement of your divorce case after listening to your circumstances and goals. Rather than hiring a general practice divorce lawyer, you should consider hiring a divorce and family law attorney who has expertise in the intricacies of high-stakes divorces.
Real estate is often one of the most valuable assets in a marriage, and this is especially true for wealthy couples who own several homes or properties. Whether your real estate holdings include a marital home, vacation homes, commercial properties, or investment properties, you must decide what part of the property is subject to equitable distribution and what amount, if any, is excluded from asset division. The date of the marriage, the date of purchase, the down payment amount, and the source of the funds are all relevant variables in the allocation of these assets.
After you've considering your real estate assets, you'll need to determine whether you want to keep or sell your homes or properties. Our divorce attorneys will work with you to create innovative strategies to keep your interest in the assets after you've agreed on what to do with them. Before the settlement can be finalized, the property may need to be valued using comparative market studies and appraisals. If a value or determination on the property's disposal cannot be made, the courts may need to decide.
Valuations of Businesses, Practices, and Partnerships
A divorce in New Jersey which implicates the ownership of company assets will usually take longer to settle than a divorce involving no business assets, unless your divorce is uncontested. If one spouse owns a company, for example, the you'll need a formal appraisal and report. In this scenario, forensic accountants and actuarial specialists are typically retained to assess the business's fair market worth.
A comprehensive examination of the company site, records, books, general ledgers, payroll registers, receivables, machinery, inventory, real estate, client lists, partnership interests, enterprise, and goodwill is usually included in the valuation process. Also, if you owned the company before getting married, we'll need to determine whether it's a "marital asset." If that's the case, we'll need to figure out how much your spouse owns in the company.
We can help you create the appropriate agreement with your spouse, depending on whether you want to sell your company or keep it running after the divorce. This may be done via a buy-out, sale, annuitized settlement, or another form of distribution.
Stocks and Stock Options Contracts
If you receive stock options as part of your compensation, you might already realize the difficulties that come with dividing these assets in a divorce. To establish whether assets are eligible to equitable distribution, we'll examine your stock options to determine the award date and vesting schedule. A constructive trust may be included in your settlement agreement to handle the tax implications of your stock option payout. It may also preserve your pre-distribution interests and rights while preserving any post-judgment alternatives.
Assets for Retirement
If you accumulated retirement assets before or during your marriage, such as a 401k, 403B, or IRA, these funds may be subject to equitable distribution in your divorce. In most cases, the value of your retirement account acquired between the date of the marriage and the filing of the divorce lawsuit is subject to equitable distribution. Pensions, deferred compensation plans, SEPs, and SERPs all fall under this category.
We work with highly trained professionals to draft domestic relations orders, even if these assets may not be physically divided at the time of the divorce decision. These domestic relations orders can assist guarantee that you get the correct share and quantity of benefits owed to you on a future date. We understand the additional complexity of your position, which is why we take the time to thoroughly comprehend the implications of your position to craft a successful strategy for splitting your retirement assets or balancing those assets with other marital assets. Whether the retirement benefit is a pension, IRA, Keogh plan, 401K, 403B, or part of an employee stock option plan, we can help explain the tax implications, buy-out options, and the full Qualified Domestic Relations Order process in detail. That said, if you've combined pre-marriage interests with marital contributions, dividing your retirement assets and employee benefit programs can be expected to be more difficult.
If you're going through a high-net-worth divorce, you'll need a lawyer who focuses on family and marital law. Due to the complexity of these issues, you should choose a firm that dedicates a large portion of its practice to handling divorce cases and Family Law issues, as opposed to relying on a traditional general practice lawyer.
We value your privacy and we understand your desire to keep your personal situations away from prying eyes, which is why we ensure that every communication with us is completely confidential.
Our divorce attorneys recognize that settling a complicated divorce case properly requires strategy, top-tier negotiation skills, business experience, and investment experience, as well as implicit recognition of the importance of your personal brand as a businessperson, entrepreneur, celebrity, or athlete.
Cryptocurrencies and Digital Assets
Typically, discovery starts with the filing of the New Jersey Family Part Case Information Statement (CIS), which requires both spouses to provide detailed financial information, including a list of all assets in Part E.
IRS Notice 2014-2 clarifies that virtual money is to be regarded as property for federal income tax purposes. Cryptocurrency assets may be categorized as company property, investment property, or personal property, depending on the taxpayer's circumstances.
Nonetheless, locating concealed cryptocurrency holdings is sometimes quite difficult given their "private" nature (even when a wallet address is public, such as with Bitcoin or Ethereum). Other assets, such as Monero, contain private addresses and may be even more difficult to locate.
However, deposits and withdrawals to a Centralized Exchange (CEX) like Binance US, Coinbase/Coinbase Pro, Kraken, Gemini, Uphold, Voyager, or CashApp, may show on bank or credit card statements in certain circumstances. Those assets may then be stored on foreign CEX's like KuCoin, Bitrue, and BitMart. Additionally, the app store history of a spouse may indicate that he or she downloaded a crypto wallet or trading platform. Similarly, if your spouse has downloaded a non-custodial wallet (like MetaMask or XUMM), these may appear in his or her web browser history.
Under New Jersey's equitable division of assets rules, a court may award extra assets to one spouse if it is proven that the other spouse hid assets or was otherwise financially dishonest. A final divorce decision may even be vacated under perjury laws through Rule 4:50 if concealed assets are found later, regardless of the amount of time that has elapsed. In fact, according to New Jersey Court Rule 4:50-3; Von Pein v. Von Pein, reopening equitable distribution decisions to remedy such fraud is not time-limited and may thus be subject to re-allocation years later.
Hidden Assets & Concealed Property
Whether your spouse is hiding money or property is a concern many people face in the divorce process, and it's completely normal to wonder. If you're suspicious that your spouse is attempting to conceal assets from you in the leadup to divorce proceedings, it's imperative you inform your attorney. In a situation like this, an experienced divorce firm is often able to track down hidden assets, such as blockchain and DLT-based cryptocurrencies hidden in hardware wallets or cash stored away inside the home. While it may even be a simple mistake on your spouse's part, New Jersey laws demand that all assets be disclosed and discoverable by both parties and their attorneys.
If you're a High Net Worth individual and are considering a Divorce, contact our NJ-based Family Law attorneys today to get started. Together, we can safeguard your assets, protect your privacy, and ensure the best outcome for you, your children, and your property. Call us today at 800-709-1131 or fill out the form below.
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As the region's leading Family, Divorce, and Real Estate attorneys, we're committed to pursuing your interests to the greatest extent possible under the law. As always, your consultation with us is completely free and 100% confidential.
New Jersey Family Courts we appear in regularly:
Justice Center, Room 119
10 Main Street
Hackensack, NJ 07601
Family Division Dissolution Unit
Wilentz Justice Complex, Room 113
212 Washington Street
Newark, NJ 07102
Family Division Non-Dissolution Unit
Wilentz Justice Complex, Room 1365
212 Washington Street
Newark, NJ 07012
(973) 693-5560 or (973) 693-5520
Family Intake Team
Administration Bldg., Room 203
595 Newark Avenue
Jersey City, NJ 07306
Family Case Management Office
Hunterdon County Justice Center
65 Park Avenue
Flemington, NJ 08822
Family Case Management Office
175 S. Broad St., 2nd Floor
P.O. Box 8068
Trenton, NJ 08650-0068
Family Part Intake Reception Team
120 New St., Room 111
P.O. Box 2691
New Brunswick, NJ 08903-2691
Family Part, Courthouse
71 Monument Park
P.O. Box 1252
Freehold, NJ 07728-1252
Morris County Family Division
Morris County Courthouse Family Intake
Washington and Court Streets
P.O. Box 910
Morristown, NJ 07963
Family Case Management Office
Courthouse, 2nd Floor
P.O. Box 3000
Somerville, NJ 08876-1262
Sussex County Family Division
Sussex County Judicial Center
43-47 High Street
Newton, NJ 07860
Dissolution Assignment Office
New Annex Bldg.; Courthouse
2 Broad Street
Elizabeth, NJ 07207
Family Division Dissolution Unit
413 Second St.;
P.O. Box 900
Belvidere, NJ 07823-1500
Results may vary depending upon the facts and circumstances relating to your case. Prior results are not a guarantee of future results. The contents of this website are not, nor are they intended to be, legal advice. The contents of this website are intended to provide general information only. You should always consult an attorney for advice regarding your legal matter. You are encouraged to contact Simon Law Group, LLC about your matter.
Contacting us does not create an attorney-client relationship. Attorney-client relationships are ONLY established when we have been retained by you to represent your interests. Do not send any confidential information to the firm until an attorney-client relationship has been established. The contents of this website are not New Jersey Supreme Court reviewed or approved.