As you know, divorce is a complex process, and it can become even more complex if you and your spouse own various luxury assets, such as expensive vehicles, club memberships, vacation homes, collector’s items, fine art, and more. In most cases, these assets will be up for equitable distribution, which is why you will have to ensure that you hire a knowledgeable New Jersey divorce attorney who can work to fight for what is rightfully yours at every turn. Please continue reading and speak with our firm to learn more about how luxury assets are divided in divorce and how our firm can help. Here are some of the questions you may have:
How are luxury assets valued in a divorce?
As previously stated, luxury assets are often considered marital property, and are, therefore, up for equitable distribution in a divorce. However, before assets can be divided in a divorce, the courts will have to determine what the assets are worth. Oftentimes, in this case, it is best to hire an assessor who can accurately value the assets in question so there are no discrepancies when it comes to distributing the assets between parties.
How are these luxury assets divided in a divorce?
There are various ways in which these assets can be divided. For example, if both spouses are in a contested divorce and they cannot agree on who gets what, courts will simply set a value to assets and distribute them in what they see as a fair and equitable manner. However, if you are capable of working with your spouse, you may compromise. For example, if you own a vacation home, instead of simply selling the home or awarding it to one spouse specifically, you may each set up a schedule for the time you can spend at the home, and both keep ownership. That being said, if you are in a situation where you want to keep a high-value item, you will most likely have to compensate your spouse with assets similar in value. In certain cases, however, you may simply wish to sell off certain assets and split the money with your spouse. For example, if an asset is too costly or impractical to keep as a single adult, if you need the money to pay for your divorce, or the sentimental value of the asset is related to your married, you may consider just selling the asset and splitting the money.
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If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.