If you are someone who is getting divorced, you are most likely looking to keep the assets that are rightfully yours. This is probably all the more true if you have certain high value or luxury assets, such as cars, club memberships, collector’s items, fine art, vacation homes, and more. Please continue reading and speak with our experienced New Jersey divorce attorneys to learn more about high-value assets and how we can help protect them from your divorce. Here are some of the questions you may have:
How do courts value assets in a divorce?
In many cases, courts will not value assets, and instead, spouses will often hire a third-party to assess the value of certain assets. Oftentimes, this will have to be an experienced individual who understands the face value of those assets, as well as what someone would realistically pay for those assets. Furthermore, this is especially the case when it comes to collector’s items, wherein the condition and market for those items will greatly affect the value they have at the time.
How are high-value assets divided in a New Jersey divorce?
Of course, the equitable distribution process is oftentimes a complicated one, even when high-value assets are not on the line. Unfortunately, in many cases, when it comes to high-value assets, they are often far more complicated to distribute. For instance, if you own a vacation home with your spouse, you may have options: you can either fight to solely keep the vacation home or, if possible, you can work out an agreement where you can split ownership of the home and predetermine time spent at the home. In other cases, spouses will have to part ways with certain high-value assets in order to keep others. Furthermore, you should understand that the phrase “equitable” seldom means “equal,” and in many cases, one spouse will get to keep a greater portion of assets than the other.
What are my other options?
In certain cases, when it comes to luxury items or high-value assets, it is best to simply sell the items and split the money, for various reasons. Sometimes, if the item is too costly to keep as a single adult, it makes the most sense to simply sell that item. In other cases, if the item has sentimental value tied to the marriage, it may be best to simply sell it, as it will provide you with financial security and help you move on with your life. In other cases, it just makes sense to keep the money and use it to help pay for their divorce or other marital debts.
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If you require strong legal representation for matters of divorce and family law in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.