Divorce is difficult no matter the circumstance, but it can be especially difficult if you, your spouse, or the both of you have a high net worth. In New Jersey specifically, high net worth divorces are often complicated because of the state’s standard of “equitable distribution” for divorce settlements. Assets are not simply split 50/50 in New Jersey divorces. Instead, assets are split based on what a court determines as equitable. Divorce cases that involve individuals with many assets can become complicated very quickly.
If you or your spouse have a variety of assets that need to be considered in a divorce settlement, you need a lawyer like Megan S. Murray, who focuses on helping high net worth individuals in Monmouth County reach equitable solutions for their divorces.
What is a high net worth divorce?
New Jersey law does not offer a concrete definition of “high net worth” though it generally refers to a couple with more than one million dollars in assets or when a spouse owns, or has ownership interest in, a business. While couples who fall into the category of “high net worth” will still have to settle matters related to non-high net worth cases, such as child custody and child support, there are additional financial considerations to take into account in these cases.
The distribution of investments; the value of business interests; 401(k)s, IRAs, and pensions; real estate; and other assets is more complex in high net worth cases, and protecting your assets is paramount. In these matters, it is not only important that all assets are properly valued, but that they are properly classified as marital or non-marital property.
Real Estate Assets
If you and your spouse owned a marital home, a vacation home, a commercial property, or investment property, these assets will likely play a part in your divorce settlement. Specifically, you will need to properly determine the value of the individual assets, as well as whether you will split the value of the properties.
Considerations courts use to determine whether to split a property’s value include, but are not limited to:
- The date of your marriage
- When you purchased the property and how much you put down for the property
- From where your property payments come
The conditions that call for splitting real estate value are often fraught and varied. You need an attorney on your side like Megan S. Murray, who concentrates in helping individuals with a high net worth handle their real estate assets through divorce.
Should a couple be involved with a business in any capacity, it is likely their divorce will necessitate a business valuation so that the company’s assets can be split equitably. Business valuations take time and a significant amount of documentation to ensure the value is determined accurately. Attorney Megan S. Murray is prepared to help you obtain a fair business valuation so that you are in a better position to receive what is yours through the divorce.
Read more about business valuations and how they factor into high net worth divorces on our page we have devoted to the complicated issue.
New Jersey law allows for the funds an individual accumulates for retirement throughout the duration of their marriage to be subject to possible distribution in a divorce settlement. This law remains true regardless of whether the asset is in the individual name of one party.
Megan S. Murray
"Megan S. Murray is the founder of The Family Law Offices of Megan S. Murray. Megan founded her practice with a singular goal in mind: to provide quality, hands-on services to her clients. Megan has earned a reputation among her peers, colleagues and clients as a zealous advocate of the highest integrity, who achieves the best results for her clients through an intimate knowledge of the unique facts of each case and extensive knowledge of the law."Read Full Bio
Brian R. Murray
"Brian R. Murray, Esq., of counsel to The Family Law Offices of Megan S. Murray, is a highly experienced New Jersey attorney whose practice areas have included civil litigation, real estate, complex insurance litigation, and family law."Read Full Bio
Equitable ApproachMegan's goal is to reach the best possible settlement with the understanding that it is equitable to all parties.
Extensive ExperienceMegan's knowledge of all the nuances of the law has resulted in favorable outcomes for her clients.
Hands On ApproachMegan is dedicated to making herself readily accessible to clients through timely communication and prompt responsiveness.