Dividing assets in a divorce is often as tumultuous a process as the personal separation. High-income couples in New Jersey have much at stake and must carefully consider how to begin the difficult task of evaluating their personal and joint financial affairs.
Unravel executive compensation plans
The general personal belongings and salary considerations of a high-asset divorce are definitely a concern for the initial filing of separation or divorce. C-Level executives and business owners usually have a generous compensation plan. Some facets of this comprehensive earnings statement may include:
• Restricted employee stock plans
• Employee stock options
• Preferred stock selections
• Deferred compensation plans
It is important to fully understand the potential value of future earnings when preparing for divorce proceedings. Failure to adequately prepare now could mean a significant loss of assets and a detriment to retirement planning.
Negotiating a settlement
Mediation efforts and court proceedings for a high-asset divorce may take anywhere from several months to several years. Child custody concerns and spousal support disputes lead to an even longer process for many high-net-worth couples.
Legal support for individuals facing divorce or other family law concerns is an essential part of the process. Emotions and stress levels often run high for all parties involved in a divorce, and people may just want to move through the areas of discomfort quickly so that they can forget the past. This can lead to hasty decisions and potentially unfair custody or financial arrangements between the split couple.
Modifications and post-judgment services
Modifications can be made after the initial judgment if specific criteria or extenuating circumstances are met. Such post-judgment modifications must be carefully reviewed and presented before the court if an audience with the judge is granted. An experienced legal team may help individuals determine if they should revisit the terms of a divorce settlement.