When New Jersey residents are involved in a high-asset divorce, one question may override all others: who gets what? But, to solve that problem, exact legal terms will come into play, none more important than the term "marital property." So, how do you define "marital property" in a high-asset divorce?
By now everyone in New Jersey knows about the online retailer Amazon. The use of this service is becoming so prevalent that the company is becoming one of the most valuable companies in the world. That has made the owner of Amazon, Jeff Bezos, a very wealthy man. Some say Bezos is the richest man in the world, with a fortune estimated at $136 billion. While most would think that life must be pretty good for Bezos, even the richest man in the world is not immune to relationship problems.
Everyone knows that a divorce ends a marriage so that the two people involved in the relationship can, hopefully, move on to a better life. However, a divorce is more than just an opportunity to get out of a relationship that isn't living up to expectations. For couples who have considerable wealth, understanding the implications of a high asset divorce is crucial.
Divorcing couples in New Jersey often have a wide variety of questions about how the dissolution process will work. Each divorce case is different, but many will involve common issues: child custody and support, alimony and property division. For some couples in a high asset divorce, property division and alimony might be the most important issues of all. But, just because a divorce involves a significant amount of assets, does that mean that the sides should push for a quick resolution of the case to save money?
No two divorce cases in New Jersey are the same. Some are amicable, in which the couple can agree on most of the terms of the divorce out-of-court and submit an agreement to the court for approval. Others are contentious, seeing the couple fight over every detail of the dissolution proceeding, from child custody and support to alimony and property division. However, oftentimes the biggest difference between any two cases is the amount of assets involved.
Celebrity divorces always seem to make the news, and there always seem to be a number of them going on at the same time. Right now, one of the most heavily-covered high asset divorces is the one that Matt Lauer is involved in with his wife.
Thousands of divorce cases go through the New Jersey court system every year. However, not all of those cases involve high asset divorces, in which the couple going through the divorce has accumulated quite a bit of assets throughout the course of the marriage. In a high asset divorce, your life will change both during and after the case is over.
A previous post on this blog from several months ago talked about how New Jersey law handles situations in which one or both parents make so much money that New Jersey's Child Support Guidelines do not account for the full extent of their income. The basic idea of that post was that child support orders in such cases were more fluid and subject to a court's discretion.
A previous post discussed how the ordinary means of finding out about a spouse's assets and debts in the process of a divorce or bed and board divorce is to use the various means of legal discovery provided under New Jersey law.