Once a couple decides to divorce, they still have many more decisions to make. Determining how to divide child care and where they will live are high on the list. One of the most tedious and time-consuming parts of the divorce process is dividing the marital property. Even in a high asset divorce, the outcome of property division can have a lasting effect on each spouse.
New Jersey’s divorce laws call for an equitable division of marital property. This will require a divorcing couple to first determine which of their belongings are marital assets and which are separate. The martial property is then divided in a way that is fair to both without leaving one spouse with considerably more or less than the other. For this process to be successful, the following factors are important:
- Providing full disclosures of the assets they acquired during the marriage, including their incomes and any hidden property
- Having documentation for any property one is claiming is separately owned, such as an inheritance or interest in a business
- Paying off as many joint debts as possible to avoid obtaining them in the divorce
- Remaining calm and in control of one’s emotions
Ideally, both spouses will come to a mutual agreement about how to divide the assets. However, in some cases, the face value of an asset does not include certain factors like, like the cost of maintenance or tax ramifications. It is always wise for individual attorneys with experience in high asset divorce and New Jersey laws to advise each spouse to ensure the outcome is fair.