Going through a divorce is usually a complicated, emotional process. Dividing your property and finances can quickly become extremely complex, and some couples even stay together just to avoid this.
High-asset divorces in New Jersey bring additional challenges. There is no real definition of what constitutes a “high-asset” divorce, but traditionally, it has been a divorce involving more than 1 million dollars in assets.
If you know that divorce is truly the best choice for you but are hesitant to file because you and your spouse own a lot of assets or have high incomes, these tips can help you.
High-asset divorces usually take longer
Divorce is rarely a quick process. Even the simplest of divorces can take weeks to months to conclude.
Be prepared for your high-asset divorce to take longer. You will need to be patient, as the property division process in a high-asset divorce is more complex.
Although it will undoubtedly be difficult, particularly if you want your divorce to be over as quickly as possible so you can move on with your life, take your time through the process. Rushing through it could cost you to make decisions that could seriously harm you financially.
Do not hide your assets
Your might be tempted to hide or sell your assets to avoid losing them or having to give them to your spouse. There are many reasons you should not do this.
Most high-asset divorces involve discovery, which is a legal process used to discover assets. There is a good chance any assets you try to hide will be found, and you may find yourself facing penalties. Divorce courts do not look favorably on people who hide assets.
Form a team of experts
Keep the big picture in mind and think long term. In addition to your physical property like houses or financial assets such as bank accounts, consider potential spousal support, alimony or child support costs.
Along with your divorce attorney, think about hiring other professionals, such as accountants, financial advisors or tax counselors. A strong team of professionals can help you carefully consider all of your options to increase your chance of retaining your financial stability post-divorce.