Hackensack Complex Property Division Lawyer
A divorce can involve complex assets that are not easy to put a value on and divide. Dealing with these assets is more difficult than dividing assets such as cars and bank accounts. Property valuing and dividing complex assets often requires involving specialized professionals, such as appraisers, actuaries, and forensic accountants. An experienced family law attorney has relationships with these professionals that they can employ in your case.
The legal process of ending your marriage can be time-consuming and emotionally draining. If you have complex assets, it can often be even more overwhelming. Speak to a skilled Hackensack complex property division lawyer with experience in dividing assets in a divorce.
What Are Some Examples of Complex Assets?
The process of dividing complex assets begins with a careful analysis to identify all marital and separate assets. Only marital assets are subject to being divided in a divorce. Marital assets generally include all assets that were acquired by either or both of the parties during the marriage, except for gifts or inheritances from third parties.
Complex assets in a divorce often include professional practices and businesses, retirement assets, deferred compensation, investments, real estate, unique or high-value collections, and intellectual property.
Professional Practices and Businesses
Valuation of professional practices and businesses is often highly intricate. It requires balancing the books, assessing business assets and debts, determining the market value, future earnings potential, and the impact of each spouse on the company’s success. This often requires assistance from forensic accountants and a business valuation to determine the market value of the business if it were to be sold. This is important because dividing businesses often includes one spouse buying out the other spouse’s interest in the business.
Retirement Assets, Deferred Compensation & Investments
Retirement assets include pensions, 401(k)s, IRAs, and other retirement plans. Properly valuing retirement assets generally includes determining what the marital portion of the asset is. The marital portion is generally defined as the value of the contributions a spouse made to the asset from the date of the marriage through to the date of the complaint for divorce. Any contributions made outside of that time period are exempt from being divided. An actuary is often used to calculate the marital portion and what it is worth in present-day dollars..
Valuing and dividing deferred compensation, such as restricted stock units and stock options, is often complex because the timing of the granting and vesting of these assets is critical to determining whether they are subject to being divided and what they are worth. It is a very document-intensive process.
Valuing and dividing investments can be tricky because of the interplay between how many physical stock units are subject to being divided and the value of each stock unit. Dividing investments improperly may also have tax implications. A forensic accountant can be used to assist in the process of valuing and dividing these assets and determining any tax implications.
Real Estate
Valuation of multiple real properties can also be challenging. Couples may own their marital home, vacation or rental properties, and investment properties. These kinds of properties can require special property appraisals and forensic accounting to determine not only the market value of the properties, but any profits from rental income and returns on investments.
Unique or High-Value Collections
Unique or high-value collectibles, such as antiques, art, and jewelry, require a formal appraisal to determine their fair market value.
Intellectual Property
Intellectual property can include trademarks, patents, and copyrights, which are considered unique and may hold substantial value and yield substantial income in the form of royalties and licensing fees. A family law attorney in Hackensack with experience in complex asset division can help navigate the challenging process of valuing and dividing intellectual property.
The Statutory Factors for Complex Asset Division
The Court considers various statutory factors when dividing property and debt between divorcing couples, including complex assets. N.J.S.A 2A:34-23.1 provides the many factors that the Court considers when dividing property and debts. Some of these factors include:
- Duration of the couple’s marriage
- Physical and emotional health and age of each party
- Income and financial circumstances of both parties
- Contributions of each party during the marriage
- Financial need of each party
- Educational needs of any children
- Any written agreements the couple entered into, such as prenuptial or postnuptial agreements
- Any alimony and child support awarded
Booking a consultation with a Hackensack family law attorney with experience in complex asset division can give you answers to your questions and explain the process.
Speak to a Knowledgeable Complex Asset Division Attorney in Hackensack Today
If your divorce includes dividing complex assets, it is crucial that you understand the law and the practical implications of this process and take action to protect your interests. Speaking to a qualified legal professional can make all the difference.
A hard-working and skilled Hackensack complex property division lawyer from Moskowitz Law Group can answer your questions, guide you throughout the process, and take the necessary measures to determine the value of each asset while advocating for a fair outcome. Call today to schedule a consultation to review your case and discuss your options.
