What to Know About Dividing Assets in a New Jersey Divorce
When a couple decides to get divorced, they must untangle their lives together. This can be understandably difficult and complicated for many couples. After years of both saving up and making large purchases together, it can be hard to decide who should get what. In a New Jersey divorce, assets are divided equitably. So what is equitable division? And how is it determined? Read on to learn more about the division of assets during a divorce.
What is Equitable Division?
“Equitable” does not mean “equal,” but rather it means “fair.” This means that a couple’s assets will likely not be split down the middle.
What Assets are Considered in a Divorce?
It is important to note the difference between marital property and separate property.
- Marital Property: This includes any assets and debts that were acquired during the couple’s marriage. This can also be in regard to any properties from before the marriage that was converted into marital property at any point during the marriage.
- Separate Property: This includes all assets and debts that were acquired before the marriage and agreed to stay separated throughout the duration of their marriage. This may also cover other properties, gifts, and inheritance.
Separate property and anything that was previously determined in a prenuptial agreement will not be involved in the divorce.
How is it Determined?
A couple can take a number of different paths when it comes to a divorce. Some couples will choose to resolve the matters of their divorce through mediation, while others will turn to litigation.
When a New Jersey court is diving assets, they will consider the following factors:
- The length of the marriage
- The age and health of the parties
- The standard of living established during the marriage
- Any written agreement made by the parties before or during the marriage related to property distribution, for example, a prenuptial agreement
- The income and earning potential of each party
- The contribution by each party to the education, training or earning power of the other
- The debts and liabilities of the parties
- The child custody arrangement of the parties (if applicable)
Dividing assets between two spouses can be difficult. It is important that both parties feel that what they are getting is fair. To achieve this, you will want to retain the help of an experienced and dedicated divorce attorney.
If you are getting divorced, contact our firm today to speak with a skilled attorney. We will fight to help you determine the true value of your assets and make sure you receive what is fair. If you have any questions regarding the division of assets in New Jersey, do not hesitate to reach out.
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If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.