What Am I Entitled to In a New Jersey Divorce?
Going through a divorce can often be complicated, as it requires separating two lives that were once brought together. When spouses find themselves in these situations, they often wonder what they are entitled to when they officially split from their partner. This raises the question of who can keep the house or car and how they may continue supporting themselves. During this time, it is important to retain the services of an experienced New Jersey divorce attorney to learn more about the legal process going forward.
What is Litigation?
When spouses are unable to agree to the terms of their divorce, it is referred to as a contested divorce. These situations result in the couple having to enter the process of litigation, causing their assets to be subject to equitable distribution. This means the assets are divided fairly between the two spouses. In order to determine which assets belong to whom, the court considers different aspects of the marriage. This can include both parties’ financial situations, if they have children together, and more. For example, financially dependent spouses may be awarded a larger portion of the assets than a financially independent spouse so that they can maintain their standard of living. Often times, this can cause disappointment because spouses do not always receive the assets they would have liked.
What Assets are Subject to Equitable Distribution?
Throughout a marriage, a couple may have a variety of different assets they do not want to lose in a divorce. During the process of litigation, courts decide which assets belong to whom based on what is marital and what is separate property. Marital property is assets that were acquired during the marriage while separate property is assets that were acquired before it. This can include items such as a home, automobiles, bank accounts, etc. If the couple runs a business together, the rights to the business may come into question as well. In addition to this, the court will consider if one spouse owes alimony or child support payments before determining which assets belong to whom. It is important to be able to fight for the assets you are entitled to, which is why spouses should contact a skilled divorce attorney for assistance dealing with these matters.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.