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Property Division in New Jersey
Information on the Distribution of Property
When it comes to the distribution of property in a divorce, it can be very difficult to handle on your own. It can be a highly contentious aspect of a divorce. How assets and debts are distributed are important issues that are decided in a divorce.
As your Monmouth County divorce lawyer, we can help make this process much less traumatic. We can also protect your interests and ensure that they are given a high level of priority during this discussion.
Equitable Distribution State
In a New Jersey divorce, your property will be divided in an equitable fashion. The rules in New Jersey require a fair, but not always equal, distribution of marital property. Ordinarily, the assets and debts that a couple acquires during their marriage are considered marital, no matter whose name the property is in or whose name the debt is in. This can include houses, financial savings and credit card debt.
Determining the ownership of each asset and debt is the first step of property division. You will need to assess whether the property was accumulated before or during the marriage.
When it comes to equitable distribution, there are many factors that the Courts will consider. The Court will evaluate the length of the marriage, each spouse's physical and emotional wellbeing as well as their ages and capabilities among other factors. The Court will also assess the income or property that both spouses have placed into the marriage and their standard of living.
Additionally, the Courts can examine:
- Each spouse's economic circumstances
- Any prenuptial or post-nuptial agreements
- Present value of all property
- Tax consequences of proposed distribution
- Present or future medical / educational needs
- Each spouse's debt and liabilities
- Contributions made to education of other spouse
The Judge can decide how much weight to place on any one factor. The length of the marriage and marital lifestyle are commonly two of the primary factors used to determine what equitable distribution, however, it is critical to have an attorney who is well versed in the law on your side.
Determining the Distribution of Property
Couples who choose to negotiate their own property division can do so either independently or with a Mediator involved. However, if this does not work, a Judge will make the final decision based on the factors above as well as experts and their reports. Equitable distribution means that these factors may make the asset division unequal and one spouse may have more property or debts than the other. If you are experiencing divorce and are in need of legal assistance with this process, you can benefit from having a Monmouth County divorce attorney by your side throughout the process.
If you are facing hostility by the other party or feel that your needs are not being met, it is important to retain the legal experience of a lawyer from our firm. It can likely be to your advantage to contact us at your earliest convenience. We can help you reach a conclusion that benefits you and your circumstances. Our firm understands the stress and contention that can arise when dealing with the issue of property division.
With an experienced lawyer by your side, we can help you through all of your divorce needs. We can also assist you through the issue of spousal support and child custody, which are two other difficult issues you may have to face. Speak with an attorney from our firm today! Give us a call at (732) 474-7531 today.