When getting divorced, you will have to determine a number of important matters. For example, your marital assets must be divided between you and your spouse. In order to do this fairly, your assets must be valued properly, but this is not always easy to do, especially when it comes to luxury assets. Read on to learn more about how to determine the value of luxury assets during a New Jersey divorce.
How are Assets Valued?
It is important to know that you cannot rely on your spouse to tell you the true value of an asset. He or she may attempt to undervalue the asset in order to keep it for himself or avoid splitting it fairly. Additionally, assets can be hidden. There are a few 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
This is why it is important to bring in an expert to determine the true value of your important assets and uncover any hidden assets.
How are Assets Split?
Luxury assets can be split in a variety of different ways. 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 if Assets are Sold?
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, you need an experienced attorney on your side. Our firm is here to advocate for you and walk you through every step of the way.
Contact our Firm
If you require experienced legal representation for a matter of Family Law, Supplemental Security Income, Medical Malpractice, Social Security Disability, or Legal Malpractice, Siragusa Law Firm is here to help. Contact our firm today to schedule a consultation so we can discuss your case.