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.
In any New Jersey divorce, including a bed and board divorce, it can be hard for one spouse to know that he or she is in fact getting his or her fair share of all the assets to which the law entitles him or her.
Many New Jersey residents own their own businesses or have a share of ownership in a family business. If successful, these business interests can be a source of a great deal of wealth and income for a Marlton couple, especially if they both are involved in running the business.
Like other states, New Jersey has child support guidelines which help judges in this state make fair and consistent decisions about how much child support a parent should pay.
When it comes to divorce in New Jersey, the laws are supposed to apply to everyone equally. The individual who rents a small apartment and works in a factory has to equitably divide his or her assets with the divorcing spouse, just as the Chief Executive Officer who lives in a million-dollar house does. This does not mean, however, that all divorces are the same, as a practical matter. It is simply a fact that people who have more assets, and a more complicated relationship with wealth, will have different problems to face when dividing marital property.
Getting a divorce can be difficult. Between the emotional stress of a marriage termination and the anxiety of dealing with legal issues, such as property division or child custody and support, it can make one just want to get it over with. However, it is usually a good idea not to rush into a settlement, especially when there is a lot of property to divide.
Property division in a high asset divorce in New Jersey involves complex decisions, which are hampered by the emotions and turmoil accompanying the end of a marriage. However, certain financial matters require especially objective and reasoned judgments.