How to List Your Assets and Debts for a Divorce in New Jersey
When a couple goes through a divorce, there are many legal matters that take place. This includes the division of the couple’s assets between the two of them. In order to accomplish this, spouses are required to compile a list of their assets and debts, marital or separately owned. This is important in order to negotiate a fair divorce settlement.
Listing Your Assets
Assets that an individual may have can include properties, possessions, accounts, businesses, investments, and other items that have a cash value. Sorting through these can be difficult, which is why it is important to make a list before the divorce proceedings begin. This can include the following:
- Personal bank accounts, shared documents, retirement accounts, and credit cards.
- Real estate properties. This can include the marital home, vacation homes, income properties, land, etc.
- Cars and recreational vehicles. This can include a daily driver, boats, motorcycles, trailers, etc.
- Investments. This can include life insurance accounts, retirement funds, stocks, bonds, annuities, intellectual property, etc.
- Any business properties and accounts that may exist.
- Personal belongings of high value. This can include jewelry, art, instruments, antiques, etc.
During this process, make sure to write down any assets that your spouse handles that you do not have access to. In addition to this, spouses with a large number of assets can benefit from working with an accountant, financial advisor, or other experts.
Listing Your Debts
After documenting your assets, it is important to also list your debts. This can include any debts accumulated during the divorce. The documentation should show the following:
- Home loans
- Equity loans
- Auto loans
- Medical bills
- Credit card bills
- Student loans
- Any other money that is own
Most debts that are acquired during a marriage are considered community property. All community property is subject to equitable distribution in New Jersey. When this happens, one spouse may receive more funds or properties than the other depending on what the court believes is fair and just. It is important to know that some debts acquired before the marriage might be included in this as well if it benefited both spouses during the marriage.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.