Guest Column

Financial Considerations Divorcing Couples Need To Understand

e21599937f547e67980e_McGlew_James_06_pp.jpg
Jim McGlew
e21599937f547e67980e_McGlew_James_06_pp.jpg

Individuals engaged in a divorce understand that the dissolution of their marriage can be a difficult and complicated process.  For individuals of high net worth, the divorce process can present a complex maze of responsibilities and decisions which need to be addressed.  The prospect of valuing marital assets, including properties, business interests, investments and the like, along with the task of distributing their value between the parties, has the ability to make an already tense situation worse.

 There are specific issues that high net worth individuals must consider in anticipation of divorce.  At Lindabury, McCormick, Estabrook & Cooper, we have years of experience in handling high net worth divorce cases for individuals in Westfield, Cranford, Warren and other New Jersey communities.  We understand our clients’ concerns regarding the financial impact their divorce will impose on their lives and understand that providing individualized attention is necessary to provide the aggressive representation which is often required.

Thorough preparation and investigation are always required to truly understand the parties’ incomes, assets, debts, property, and budgetary needs.  As an example, if you are a valued employee earning a significant level of income, you will be required to produce proof of your current income, your tax returns for several years, a schedule of any other perks you receive through your employment including travel and expense accounts, and a schedule of any benefits from your employer including pension benefits, 401(k) accounts, stock options, deferred compensation, restricted stock, life insurance and other related benefits.

Sign Up for E-News

If you are a business owner you will be required to produce business tax returns for a minimum of five years, as well as other related business financial records. This will be in addition to the disclosure of income and benefits you receive from your business.  Privacy issues concerning the disclosure of this information are of the utmost importance and we take all necessary steps to ensure that your business information is protected.

If one or both of the parties has an ownership interest in a business or partnership, a formal valuation by a qualified forensic accountant will generally be required to determine the business’ value and the amount of interest each spouse has in the business.  Lindabury works to match the forensic accountant best suited to assist you in this process. In high net worth cases, each asset must be carefully examined to determine which assets are subject to equitable distribution (and to what extent) and which are considered separate property. Negotiations to obtain a fair settlement can be complex and may involve considerations such as whether to sell or liquidate an asset and divide the proceeds, or retain and allocate the asset to one spouse in exchange for an asset of comparative value. 

If you have concerns about protecting your financial interests in a high net worth divorce, it is always beneficial to seek the guidance and assistance from an attorney with experience.  At Lindabury, McCormick, Estabrook & Cooper, our practice includes diverse expertise in related areas including tax, real estate, corporate law, and trusts, which we utilize to provide comprehensive legal advice to high net worth individuals who are dissolving a marriage. Our New Jersey divorce lawyers represent people throughout the state in all areas of family law, including child custody and support, alimony, asset distribution, and more.

Lindabury, McCormick, Estabrook & Cooper provides legal representation to people in communities across Union, Somerset, Monmouth, Middlesex, Morris, and Bergen Counties, among other areas.  Call today to schedule a consultation with James McGlew at 908-233-6800.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer. Click here to submit a Guest Column.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Piscataway

Edison Public Library Donation Drive for Edison Animal Shelter

June 6, 2018

The Edison Township Free Public Library is partnering with the Edison Animal Shelter to do a donation drive for the Edison Animal Shelter. There is a checklist of all items that are being accepted at the animal shelter. These checklists can be found above and the donation bins will be available at all three branches. We will be collecting items until the end of June. For more ...

9-story apartment complex with roof-top pool formally opens in New Brunswick

June 20, 2018

NEW BRUNSWICK, NJ - The city's latest luxury apartment building recently held a formal opening for the complex on Neilson Street that has a roof-top pool with cabanas and grills, a dog park and pet spa.

The Quincy, a 393-unit, nine story building opened last month, offering studio and one- and two-bedroom apartment ranging in size from 503 to 1,236 square feet.

Mayor James Cahill said ...

Obituaries

Toms River – Mary Stella Whiteman, 97, passed away peacefully Saturday May 19, 2018 in Rose ...
Read more
Piscataway – Reinhard Rudolf Kiefer, 85, died Sunday March 11, 2018 at home. Born in ...
Read more

The ESCNJ Offers Innovative Software To Strengthen School Transportation

June 20, 2018

New software promising greater speed and efficiency for school transportation departments is now available through the Educational Services Commission of New Jersey (ESCNJ).

The software is the result of a two year collaboration between the Princeton based Artha Systems, an international supplier of business management software, and the ESCNJ.

“The software is unlike anything on the ...

Registration Open For Fourth Annual Softball & Baseball Summer Camp

SPOTSWOOD, NJ - Registration is open for the Spotswood Youth Baseball and Softball League's fourth annual summer camp. The camp is for ages five through 15 and will be held every Wednesday in August from 6 p.m. until 8 p.m. beginning August 1. In the event of rain on either August 1, August 8, August 15, August 22 or August 29, a makeup camp will be held on the following Friday.

Camp will ...

Rutgers-Camden students who saved man from fire honored by City of Camden

Camden, NJ—The Rutgers-Camden students who saved an elderly man from a March fire at his Cooper Street home were honored by the City of Camden Tuesday night.

Mayor Frank Moran awarded proclamations to Corey Zytko, Jonathan Perez-Gaytan, Matteo Resanovic, Vanessa Solis Palma, Sehwan Park and Tammy Meneses on Tuesday, June 12.

On the night of March 23, the students were hanging out in ...

Upcoming Events

Carousel_image_8f0a915f696bb2ae1366_community_shred

Sat, June 23, 9:00 AM

Quibbletown Park, Piscataway

Piscataway Township Paper Shredding Event

Government Green

Wed, June 27, 7:00 PM

Piscataway Public Library, Piscataway

Empowerment for the Job Search: Applications & ...

Business & Finance

Thu, July 5, 7:00 PM

Piscataway Public Library, Piscataway

Trivia Night at the Library!

Arts & Entertainment

Westfield High School Sophomore Dies; Counselors on Hand at School

June 19, 2018

WESTFIELD, NJ — Carthoris “Carter” Uziel, a sophomore at Westfield High School, died Sunday night, according to Westfield Public Schools and a letter sent to parents by Principal Dr. Derrick Nelson.

“Words cannot convey the grief we feel in the Westfield Public Schools community over the death of Carthoris ‘Carter’ Uziel, a sophomore at Westfield High ...

A Date with Destiny

Leslie. . . it would be the bomb . . .  if we could go to prom . . . together.

 

For the record, Leslie is my wife, and this is my openly public attempt at a promposal.  

 

My twin high school seniors taught me about promposals, those cute, showy, and sometimes over-the-top ways of asking someone special to prom.  This year they have been on both the ...