High-asset Wealth Protection
High-asset Wealth Protection New Jersey
Thinking of divorce? A New Jersey high-asset wealth protection lawyer may be for you. You
work hard. You invest wisely, you spend wisely, you work with financial advisors— your assets
are yours, and that didn’t just happen by accident.
When we think of divorce, too often we think of financial ruin: the inability to retain the marital
home; the dissolution of the joint bank account; even the mounting legal bills.
But it doesn’t have to be that way. A New Jersey High-Asset Wealth Protection Lawyer can help
you safeguard what you’ve worked so hard to build.
Let’s look at the steps that you and your lawyer can take:
- Get your financials in order: Prior to consulting with a New Jersey High-Asset Wealth
Protection Lawyer, make sure your paperwork is in order. Download and print-out as
much information, and organize it, as best you can (especially prior to a spouse changing
passwords on accounts). We often plan to do this but fail to find the time (say a filing
system that’s weeks behind?!). Organized financial records will help your lawyer and
you as you move forward.
- If and only if you really believe your spouse will curtail your access to your accounts (or,
worse yet, empty your accounts), discuss with your attorney isolating half of any joint
bank accounts into a new, separate bank account. Open a separate bank account and
move no more than precisely half of the monies you have available in joint-checking and
joint-savings accounts to safeguard it.
- Monitor activity on your credit report: If you’re thinking of divorce, keep an eye on your
joint credit cards. Spouses on the verge of separating often rack up large credit card
charges, hoping that perhaps those charges and that debt will have to be dealt with
jointly. Monitor your credit card statements vigorously and use credit monitoring
- Separate debt: Debt incurred during the marriage is known as ‘marital debt,’ and usually
the Court will strive for a fifty-fifty split of marital debt (depending upon mitigating
factors, including additional assets). If one spouse has long-term debt prior to the
marriage (student loans, medical expenses, etc.) separate that debt as soon as possible.
- Take inventory of your assets: What exactly do you have, asset-wise? Make a list and
include relative financial statements and documentation, up-to-date amounts, and links
to pertinent information (and passwords). Consider all assets: a business, a particular
piece of art, a bond, etc. You want a comprehensive asset picture.
- Review your cash-flow analysis: Assets are not the same as cash. Oftentimes divorce
brings on a cash-flow problem, as assets are tied up in real estate, stock holdings and
valuations that the Court must examine prior to distribution. Review your cash-flow:
make a list of what comes in, and your expenses (what goes out). Be realistic with
yourself here, so you may be realistic with your lawyer.
- Consult with an accountant to strategize for a long-term tax plan: In high-asset divorces
your New Jersey High-asset Wealth Protection Lawyer will be part of your financial
team; that team will more than likely include a forensic accountant/C.P.A. Your team
and you will discuss a long-term tax plan. You want divorce to be as cost-effective as it
can, including Uncle Sam’s cut!
- Don’t relinquish control— and don’t be financially bullied: This is your work, your
money, your divorce. Don’t let your soon-to-be-ex-spouse devalue your role as a parent,
a spouse, an earner— a person. We’re here to protect your wealth— and that starts
with protecting you.
O’Cathain Law Group’s motto is Move Forward. A big part of moving forward in your post-
marriage chapter is being financially secure and protecting your wealth. Together, we can make
sure you protect the assets you deserve.
Qualified Legal Assistance Available
Contemplating divorce but concerned about your high-asset wealth? Call our offices, fill out the
intake form, or email a dedicated Family Law paralegal to speak with a New Jersey High-Asset
Wealth Protection Lawyer at O’Cathain Law Group.