There are few things worse than getting a divorce. Unfortunately, not only is divorce a personal and emotional issue, but it is also a complex legal and financial issue as well. When couples get divorced and cannot agree on the terms of their divorce, they frequently get into disputes regarding who is allowed to keep certain types of property. If you are someone with high-value assets, such as designer clothes, sports memorabilia, or other collectibles, there’s a strong chance you’re looking to keep those assets, but it may not be particularly easy to do so. Please continue reading and reach out to our experienced Mountainside distribution attorneys to learn more about what happens to high-value property in a divorce and how our legal team can help. Here are some of the questions you may have:
How will courts divide my high-value property in a divorce?
The first thing you should understand is that courts will break your property down into two categories: marital property and separate property. Separate property is typically not subject to equitable distribution and includes assets such as gifts, inheritances, and other assets acquired prior to or outside of a marriage. Marital property typically includes all property acquired over the course of a marriage and is subject to equitable distribution. This means that in most cases, expensive clothes and other collectibles will be subject to equitable distribution, provided you and your spouse cannot make an arrangement regarding those assets on your own. Therefore, designer clothes, expensive jewelry, and other collectibles will likely have to be appraised, valued, and the cash value divided equitably between spouses.
Is there anything I can do to protect certain assets from a divorce in New Jersey?
Fortunately, there are certain steps you can take to protect these assets from the pitfalls of a divorce. The two most useful documents in this respect are prenuptial and postnuptial agreements. A prenuptial agreement is a document drafted prior to marriage, and in this agreement, you can outline exactly what will happen with certain types of property, should you get divorced. You can do the same thing via a postnuptial agreement, though these agreements are drafted exclusively after marriage. If you have any further questions or you’d like to get started, simply speak with a dedicated Union County divorce attorney from our legal team. We are here to help protect what’s rightfully yours.
Contact Our Experienced New Jersey Firm
We are a full-service divorce, family, and real estate law firm in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC today.