When you get a divorce, your assets and properties need to be split up. It’s often one of the more contentious parts of the process, so it’s important to know what to expect going in. The goal of the state is not to split things up 50/50. Instead the court will use an equitable distribution rule, and our Morris County, NJ divorce lawyers can tell you just what that means.
What is the Equitable Distribution of Assets?
When your assets are split up in an equitable way, that means that they are distributed fairly to both spouses. In most cases, this does not mean an even 50/50 split. There are just too many other factors that can affect the court’s judgment. When dividing up property, a judge is likely to consider:
- The standard of living you had as a married couple
- The income and earning capacity of each spouse
- How each spouse contributed to the acquisition of marital property
- Any debts or liabilities
- How long the marriage lasted
- The age of each spouse
- The health of each spouse
This can mean that one spouse ends up getting more of the marital assets than the other. It’s an equitable arrangement, not an equal one.
What Kinds of Assets Can Be Split?
All types of assets have to be split up when you get a divorce. It’s not just the money you have to think about. There are also:
- Properties and real estate investments
- Investment or retirement accounts
- Expensive items that you own, like vehicles
- Other items with potential value, like collectibles or artwork
Can My Spouse and I Negotiate How to Split Assets?
You may not have to go through the courts to get your equitable distribution of assets though. If you and your spouse can negotiate in good faith, you can try to make a deal about how your assets get split up. This keeps you in control and prevents a judge from making an unfavorable decision that you are simply stuck with.
You and your spouse can try to come to an agreement through mediation. A neutral third party can help you talk things through and arrive at a fair deal. You can also try collaborative divorce, which is when you and your spouse sit down with your lawyers and try to make an agreement. Property distribution can be addressed through either of these methods.
It’s also important to note that any prenuptial agreement that you made will help determine how your assets are split up. If your agreement is valid, this can save you a lot of time and could make your divorce a bit less acrimonious.
Contact Our Law Firm Today
If you are filing for divorce, you need to do everything that you can to protect as many of your assets as you can. Contact Townsend, Tomaio & Newmark to schedule a consultation with our team. We can tell you more about what a seasoned attorney can do to assist you in this difficult time.
