Aside from child custody, the division of marital assets and debts is one of the most contentious issues that spouses encounter during divorce. Divorcing spouses in the Garden State have the ability to sort through the division of their assets and debts on their own without court involvement through cooperative negotiations or alternative dispute resolution methods such as mediation. If a couple is unable to reach an agreement, the courts may step in and issue a decision on their behalf.
New Jersey is an equitable distribution state, meaning that marital property is divided between divorcing spouses in a manner that is fair or equitable. This does not always mean equal, however, as the courts will decide what is fair based on numerous contributing factors.
Factors influencing property distribution include:
- The length of the marriage
- The ages and health of each spouse
- Each spouse’s contributions to the martial estate
- The standard of living experienced during the marriage
- Each spouse’s earning capacity
- Tax consequences
- Child custody arrangements
- Spousal support/alimony payments
Marital Property vs. Separate Property
One of the primary issues when dividing property involves determining whether property is part of the marital estate or separate. While many assume that all assets are considered jointly owned, assets or debts which were owned by one spouse prior to the marriage or acquired after a couple has filed for divorce are classified as separate and may not be claimed by the other spouse. Since improperly classifying property can potentially cause you to lose a considerable portion of your marital estate, it is vital you work closely with a knowledgeable lawyer from our firm to ensure all of your owned property is placed into the proper category.
All of assets and debts must be appraised, categorized, and distributed, including:
- Bank accounts
- Real estate
- Retirement accounts
- Personal belongings
- Credit cards
- Stocks and investments
- Medical debt
Steadfast Support When You Need It Most
At Rozin | Golinder Law, LLC our East Brunswick divorce lawyer understands how easy it can be to feel overwhelmed when confronted with the various deadlines, legal requirements, and legalese of divorce. Our compassionate and knowledgeable attorney can handle the heavy lifting on your behalf, allowing you to rest easy during this time of transition knowing your best interests are guarded.
We want to hear your story. Call (732) 810-0034 today to get started.