07 Sep 4 Divorce Asset Issues You’ll Want To Review
In a divorce, most couples fight over assets. After all, both parties want their fair share of the money, and each may have their eye on the cars, furniture and even the house.
Arguments ensue when one party thinks they deserve more than the other. Things can get especially complex when one party has a high net worth or multiple investments. Therefore, if you’re going through a divorce, you should make sure you take a look at the issues described below.
Valuation of Marital Property
Some assets are difficult to value and may require the assistance of a financial professional. For example, pensions and retirement funds tend to grow in value, while investments such as real estate and stocks could go up or down. These assets will be valued and then divided equitably. New Jersey is an equitable distribution state, which means that assets are divided fairly, but not necessarily 50/50.
Marital and Non-Marital Assets
Assets acquired before the marriage – such as an inheritance – are considered non-marital and are not subject to division in a divorce. However, a license or college degree are assets that may be taken into consideration in a divorce, since these allow a person to earn more income. Even things that may seem trivial – such as airline miles – may be considered assets, especially if one party used them to take business trips or vacations while the other stayed at home.
If your spouse owned a business during the marriage, you could receive a percentage of its ownership in the divorce. Determining the value of a business, however, can be complicated and is often left to professionals who can evaluate all the assets and liabilities involved.
Discovery of Assets
Some parties hide assets before filing for divorce so they are not subject to being split. Your lawyer will be able to use a combination of knowledge and experience to help uncover hidden assets.
Learn More About Divorce Assets With New Jersey Attorney Jeffrey M. Bloom
If you’re filing for divorce, make sure you understand which assets you are entitled to receive. West New York family law attorney Jeffrey M. Bloom can answer your questions about the division of assets during a divorce. Call The Law Offices of Jeffrey M. Bloom for a consultation at (855) 208-3650.