Determining the Value of Luxury Assets in a New Jersey Divorce

During a New Jersey divorce, your assets will be divided through the process of equitable division. In order to do this, you will need to know the true value of your assets. Read on to learn more.

How are Assets Valued?

Unfortunately, you cannot rely on your spouse to tell you the true value of an asset. Regardless of your relationship, he or she may attempt to undervalue the asset in order to keep it or avoid splitting it fairly. Additionally, assets can be hidden. There are a number of ways a spouse can hide assets during a divorce, such as:

  • Overpaying on taxes so they can get the money back in a refund the following year
  • Asking an employer to delay a promotion or raise until after the divorce
  • Delaying the receipt of a large commission from work
  • Transferring assets to a friend or a separate bank account

For these reasons, it is important to hire an expert who can determine the true value of your important assets and uncover any hidden assets.

How are Luxury Assets Divided?

Luxury assets can be difficult to split, but there are a variety of ways to divide them. For example, couples that own vacation homes together can both keep ownership and split the time they have there. This ensures neither spouse has to give it up. However, there are other cases in which a spouse may need to give up certain assets so they can keep others. If one spouse wants to keep a certain high-value item, they have to compensate the other spouse with assets that are of a similar value. It is important to keep equitable distribution in mind during this time, as it is used to settle a fair division.

What to Know About Selling Assets

In some cases, it can be easier for luxury items to be sold so the money can be split between spouses. This may be beneficial in the following situations:

  • It may be too costly or impractical to keep certain assets as a single adult
  • The asset’s sentimental value may be tied to the marriage
  • Spouses may need the money to pay for their divorce or certain marital debts

If you are getting divorced in New Jersey, you will need an experienced attorney on your side. Contact our firm today to speak with a skilled and dedicated divorce attorney.

Contact our experienced Red Bank firm

Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, please do not hesitate to contact The Law Offices of George J. Mardinly to schedule a consultation.