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People with significant wealth often own substantial real estate. Depending on when it was acquired, real estate could be marital property. Dividing these assets in a divorce requires a nuanced approach to avoid unanticipated taxes or other financial consequences.
You need an experienced attorney on your side to deal with real estate complications during a Hackensack high-asset divorce. The seasoned high-net-worth divorce lawyers at O’Cathain Law Group are skilled at balancing tax, real estate, and divorce law considerations to achieve a fair settlement, and work with their network of related areas of professional expertise.
New Jersey Statutes § 2A:34-23.1 requires married couples to divide their marital property equitably. An equitable division is not necessarily equal, but must be fair, taking all relevant circumstances into consideration. Marital property is anything either spouse or the couple acquired during the marriage unless a valid marital agreement designates it as separate property or the law provides otherwise, such as with inheritances, or certain gifts.
Issues concerning the children can impact the equitable distribution equation. When a couple has minor children, it may be in their best interests to remain in their family home with the parent who has primary residential custody. When the residential parent is the less wealthy spouse, addressing mortgage payments and upkeep can be an issue in the property division discussions and of course in alimony.
A Hackensack divorce attorney could help a spouse distinguish their separate property from marital property and argue strongly for a spouse’s position if there is a dispute on this issue. They also can advise a spouse about whether it is beneficial to retain the family home and address financing issues, or sell it and divide the proceeds.
High-net-worth couples often own real estate in multiple places. They may have several homes or investment properties in other states or foreign countries. Locating all real estate holdings can be challenging in some cases and may require the services of a forensic accountant.
All marital property must be appraised and valued before property settlement negotiations can begin. Acquiring reliable appraisals of property located outside the jurisdiction can be challenging. Value is often a matter of controversy between the parties.
Our Hackensack divorce law firm has a trusted network of competent experts who can help ensure an accurate valuation of a couple’s entire real estate portfolio. Obtaining an accurate valuation is key to reaching an appropriate property settlement.
Property settlements between spouses with significant marital wealth often trigger tax implications. Liability for capital gains taxes is a frequent concern.
Property transfers between spouses usually have no immediate tax consequences. However, the recipient spouse must keep careful track of their basis in the property to limit capital gains taxes when they eventually sell it.
Engaging a local divorce attorney with the expertise to resize all issues and pitfalls is essential for all of high-net-worth couples. Our Hackensack attorneys have the knowledge required to ensure a property settlement does not trigger unexpected liabilities.
Property settlements for couples with substantial assets can be labor-intensive and time-consuming. You need to work with a legal professional with the skills and knowledge to anticipate the issues that could arise and manage them competently.
It is common to encounter real estate complications during a Hackensack high-asset divorce. Work with a local divorce attorney who could guide you through them to arrive at a reasonable property settlement. Call today to speak with a member of our legal team about your situation.