Many New Jersey couples know that asset division is a difficult part of a divorce. The division of a couple’s property, finances, and debts is a very complex area of New Jersey divorce law. An experienced family law attorney can help guide New Jersey couples through this complex legal area with care and skill to make sure that a fair property division outcome is reached.
New Jersey courts use a principle called “equitable distribution” to determine how property will be divided during a divorce. In equitable distribution, property acquired during the marriage can be divided based on the length of the marriage, the nature of the assets, and some other factors. The factors that go into the equitable distribution analysis mean that the division of property should be fair, but not necessarily “equal.”
There are other states called “community property” states which demand equal division of assets. One jackpot winner on the hit TV-show ‘Wheel of Fortune’ recently had his $51,600 prize divided in half under Washington’s community property laws.
The Wheel of Fortune contestant’s wife filed for divorce well before the show but the couple reconciled and appeared together on the show. The relationship soured about a month later and the wife renewed her divorce proceedings against the contestant.
The contestant believes that his wife was indebted to him for using a large gift from his father to buy their marital home, but a judge decided last week that the Wheel of Fortune money is to be divided down the middle. The contestant will receive $25,800, which he intends to give to charity.
Source: The Columbian, “‘Wheel of Fortune’ jackpot split 50-50 in divorce,” Laura McVicker, 5/26/11