During a New Jersey divorce, your assets will be divided through the process of equitable division. But, in order to do so, you will have to know the true value of these assets. Read on to learn more about valuating luxury assets.
How are Assets Valued?
In many cases, 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 or avoid splitting it fairly.
In addition to undervaluing assets, your spouse may try to hide certain assets in order to avoid losing them during a divorce. 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 difficult to split, but they can be divided 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.
It is also important to know that 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. This is part of the process of equitable division.
What to Know About Selling Assets
In some cases, spouses make the decision to sell some of their luxury assets. This is not always necessary, but it 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
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.