Obtaining a Favorable Division of Assets in Teaneck
When you are going through a divorce, you want to make sure that you are able to obtain the best possible outcome, particularly when it comes to the process of dividing your assets. Obtaining a favorable division of assets in Teaneck can feel incredibly frustrating, especially if you are dealing with significant assets or struggling to reach an arrangement with your spouse. Working with an experienced property division lawyer can help you divide your assets more effectively.
Disclose All Assets From the Beginning
To obtain a favorable division of assets in a Teaneck divorce, start by disclosing all assets and their values from the beginning. Do not try to hide, divert, or spend down assets in an effort to get the upper hand, since those strategies could ultimately prevent a person from receiving the assets they deserve. If the couple has to go to court to settle their divorce case, the Court will not look favorably on a spouse who tries to hide or spend assets.
Get an Accurate Valuation of Critical Assets
As a couple starts dividing their assets, particularly if they do not know the value of all items, or if they know there’s a good chance they will fight on specific issues or assets, time should be taken to get an accurate valuation of all assets. Know what they are worth–and what they could be worth in the future. That may include not only high-value collectibles and artwork but also things like:
- Company shares, stock options, and other types of fringe benefits
- A company owned by a spouse
- Vehicles
- Cash value of annuities or insurance policies
- Retirement accounts
- Real estate
When a couple has an accurate look at the assets they currently have, they can often work out a division of those assets that better fits both individual’s needs.
Know What Each Person Wants
In order to obtain a favorable division of assets, a person in Teaneck needs to have a clear idea of what they want. That does not always mean they will get everything they ask for. However, before an individual sits down at the bargaining table, they should take the time to think out what they want to take away from the divorce. That may include things like:
- Your marital home
- Specific types of stock
- Retirement income
New Jersey uses a policy of equitable division to separate assets in divorce cases. That means that a person may not necessarily walk away with 50% of the assets from their marriage. However, they will likely receive a fair share of those assets. For example, if each spouse has their own vehicle, it may not matter if they are valued equally.
Hire a Divorce Lawyer
A person should not represent themselves or attempt to handle a divorce on their own or hire one lawyer to handle the divorce for both parties. A divorce lawyer represents a person’s best interests throughout the divorce process in Teaneck, particularly when it comes to obtaining a favorable asset division. Not only will a lawyer provide more information about specific rights, but they may also have insights into things a person did not know they needed to ask for or divide.
Learn More About Obtaining a Favorable Division of Assets in Teaneck by Calling Our Attorneys
Whether you are just staring down the road to divorce or you are in the process of dividing assets, make sure you have a lawyer to help you navigate the complex divorce process. Contact Moskowitz Law Group today for help obtaining a favorable division of assets in Teaneck.
