If you are getting divorced, your assets will have to be divided between you and your spouse. In order to do this fairly, it is important that all parties know the true value of these assets. Read on to learn more about how to determine the value of luxury assets in New Jersey.
How are Assets Valued?
In many cases, 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 them 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
For these reasons, it is important to bring in an expert to determine the true value of your important assets and uncover any hidden assets.
How are Luxury Assets Divided?
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 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, 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 experienced Ocean City firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.