In New Jersey, assets will be divided through the process of equitable division. In order to divide these assets fairly, you must first know their true values. Read on to learn more about valuating luxury assets.
How are Luxury Assets Valued?
The truth is, you cannot rely on your spouse to tell you the true value of an asset. Regardless of your relationship, your spouse may attempt to undervalue the asset in order to keep it or avoid splitting it fairly. Additionally, assets can be hidden rather easily, which can impact the division of assets as well. There are a number of ways a spouse can hide assets during a divorce, including:
- 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
As a result, it is important to retain the help of an expert who can uncover hidden assets and determine their true values.
How are Luxury Assets Divided?
Luxury assets can be split 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. However, there are other cases in which 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. It is important to keep equitable distribution in mind during this time, as it is used to settle a fair division. In some cases, it may be easier for luxury items to be sold so the money can be split between spouses. This 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 in New Jersey, you will need the help of an experienced and dedicated divorce attorney. Contact our firm today. We are here to advocate for you each step of the way.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.