When you file for divorce, all the assets and money you own will be evaluated to determine how everything is divided between both spouses in New Jersey. The finances also include stocks that have been acquired during the marriage. It’s not always a straightforward process because of different hurdles that may be in place.
Some lawyers will recommend a forensic accountant to ensure you’re aware of all assets that are in the other party’s name. The forensic accountant’s services include valuing the stocks and explaining the best options on how to obtain your share. Some people may consider selling the stocks, splitting the investments, or giving the stocks away. Stock options through employers can be even more complicated to divide.
How to prepare your stocks for divorce
You can manage your financial investments when you’re preparing for divorce by updating your account beneficiaries, obtaining access to investment accounts, splitting retirement accounts, and also enlisting the help of professionals. You can also consider dividing taxable investment accounts with your spouse when going through a high-asset divorce. Before you choose to sell any of the stocks, you’ll need to consider the tax penalties. You may also need the approval of your spouse to sell anything or you could suffer from penalties while going through the divorce.
Who can you contact for legal assistance?
Contact a divorce attorney for assistance in navigating divorce and determining what will happen to any stocks you may own, or your spouse has acquired. You can learn about your rights and obtain guidance from a professional who has experience. You can also consult a legal professional with similar matters, which includes obtaining alimony, child custody, and signing a pre-nuptial or post-nuptial agreement. The attorney will work hard to help you protect your investments and assets.