QUESTION

Asset distribution divorce

Asked on Apr 29th, 2021 on Divorce - New Jersey
More details to this question:
29 years marriage no minors. Wife has more assets both liquid and business interest. Mixed funds in common checking account.
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2 ANSWERS

Family and Matrimonial Law Attorney serving Parsippany, NJ
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Thank you for your question. Navigating through distribution of assets in a divorce can be complex. We would need more information in your particular situation. I would strongly recommend that you consult with an experienced matrimonial attorney to be able to strategize and advise you.
Answered on May 05th, 2021 at 11:20 AM

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Divorce Attorney serving Short Hills, NJ at Diamond & Diamond, P.A.
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While your current setting "may" be quite simple, it may not be as simple as you think, or you may be giving up rights that you did not realize you were entitled to receive. As an example, you said that your wife has an ownership interest in a business. Does that ownership interest have value for equitable distribution? I don’t know but it is the type of issue to be discussed with an experienced lawyer. You also said that your wife has "more" assets than you, but if those assets were all acquired during your marriage as a result of work efforts, presumably, they are all in the pot for division purposes. Similarly, what if your wife has a total compensation setting of 250,000 per year and you have a total income setting of 75,000 per year? Is it an alimony setting, where your wife would be obligated to pay you alimony.... probably. But again, this is an issue to be discussed with an experienced lawyer and at the end of the day, after discussing all of the issues appliable to your setting, you get to decide what you want to do and whether you want to pursue claims or walk away from them.
Answered on May 04th, 2021 at 6:42 AM

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