Morristown High-Asset Divorce Lawyers

Divorce is always a challenging experience, but high-asset divorces add a layer of legal and financial factors that require careful consideration. There can be substantial financial stakes that must be divided equitably. In such cases, our legal representation can protect your monetary interests.

The Morristown high-asset divorce lawyers at Lyons & Associates, P.C. understand the unique aspects of these divorces and the potential impact on both parties’ futures. Having legal counsel who is experienced with high-net-worth cases can make the difference between a fair settlement and one that leaves you at a financial disadvantage. If you are facing a divorce involving significant assets, our trusted team can provide the legal guidance and representation you need.

What Constitutes a High-Asset Divorce?

A high-asset divorce involves the division of considerable financial resources, which may include multiple properties, significant investments, retirement accounts, business interests, and other valuable assets. These cases differ from standard divorces because of the detailed work involved in identifying, valuing, and dividing these assets.

In high-asset divorces, it is common for one or both spouses to have diverse financial portfolios, which may include stocks, bonds, trusts, and other securities. There may also be business ownership interests, intellectual property rights, and high-value personal assets, such as luxury vehicles, jewelry, and art collections. Each must be considered during the divorce process to achieve a fair distribution.

How Are Assets Divided in a High-Asset Divorce?

In New Jersey, marital assets are divided through equitable distribution, which means that they are divided fairly but not necessarily equally. The court considers the length of the marriage, the income and financial contributions of each spouse, and the standard of living established during the marriage.

This process becomes more detailed in a high-asset divorce, as assets must be properly valued before they can be divided. This often requires the involvement of financial professionals who can assess the value of properties, businesses, and investments. It is also important to distinguish between marital property, which is subject to division, and separate property, which is typically retained by the individual who owns it.

How Is Business Ownership Handled in a High-Asset Divorce?

Business ownership is a common issue in high-asset divorces, particularly when one or both spouses own or hold a stake in one. Determining the value of the business is essential, and this typically requires a business valuation expert who conducts a thorough assessment.

Once the business is valued, there are several ways the court may handle its division:

  • One spouse may buy out the other’s interest in the business, or the court may award one spouse other assets of equivalent value in exchange for their share of the business.
  • In some cases, the business may be sold, and the proceeds divided.
  • Protecting the business from being disrupted or liquidated is often a priority for the spouse actively involved in its management.

How Are Retirement Accounts Divided in a High-Asset Divorce?

Retirement accounts can be among the most significant assets in a high-asset divorce. If contributed to during the marriage, these accounts, including pensions, 401(k)s, IRAs, and other retirement savings plans, are typically considered marital property. Our Morristown high-asset divorce lawyers know that retirement accounts must be divided carefully to avoid tax penalties and comply with legal requirements.

A qualified domestic relations order (QDRO) is usually required to divide retirement accounts in a divorce. This legal document allows retirement benefits to be distributed to spouses without triggering early withdrawal penalties. In high-asset divorces, multiple retirement accounts may need to be divided, and the division must be handled correctly to preserve the value of the assets and avoid unintended financial consequences.

How Are Alimony Payments Determined in High-Asset Divorces?

Alimony, or spousal support, is often a significant issue in high-asset divorces. In New Jersey, the court considers:

  • The length of the marriage.
  • The financial resources of each spouse.
  • The earning capacity of the spouse requesting support.
  • The contributions made by each spouse to the marriage.

The amount of alimony can be substantial in high-asset divorces, particularly if there is a significant disparity in income between the spouses. Both parties must provide accurate financial information to the court to ensure that the alimony amount is fair.

What Role Does Child Support Play in High-Asset Divorces?

Child support is a critical component of any divorce involving children, and the calculations may differ from standard cases in high-asset divorces. While child support is determined using the New Jersey Child Support Guidelines, the court may deviate from these guidelines if the parents’ combined income exceeds a certain threshold.

The court may order a higher level of child support to account for the lifestyle the child enjoyed during the marriage. This could include expenses for private education, extracurricular activities, travel, and other aspects of the child’s upbringing. The goal is to ensure that the child’s needs are met without causing financial hardship to either parent.

How Can Prenuptial Agreements Impact a High-Asset Divorce?

A prenuptial agreement is a legal contract that outlines how assets will be divided in the event of a divorce. Prenuptial agreements are common in high-asset marriages because they allow couples to protect their individual assets and clarify their financial expectations before entering the marriage.

If a valid prenuptial agreement is in place, it can significantly affect how assets are divided in a high-asset divorce. The court will typically uphold the terms of the agreement unless there is evidence of fraud or coercion. However, if certain aspects of the agreement are unclear or contested, they may need to be litigated during the divorce proceedings. Our Morristown high-asset divorce lawyers can review the terms of a prenuptial agreement to understand its impact on your divorce.

Contact the Experienced Morristown High-Asset Divorce Lawyers at Lyons & Associates, P.C. for a Free Consultation

High-net-worth divorces can be especially complicated and stressful, but the experienced Morristown high-asset divorce lawyers at Lyons & Associates, P.C. will provide the legal guidance you need. For a free consultation, call 908-575-9777 or submit our online form. Located in Somerville, Morristown, and Freehold, New Jersey, we serve clients in Somerset, Woodbridge, Morristown, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, Morris Plains, and Monmouth County.