Morris County NJ Division of Assets Attorneys
Divorce and Family Lawyers with Offices in Whippany, New Jersey
Division of assets is one of the most complex areas of family law. Your marital property may include assets such as a family home, a small business and major investments that must be disentangled during the divorce process. Considering the extent to which couples often mingle their finances during marriage, sharing bank accounts, insurance policies, retirement and pension funds, and many other valuables, the process by which these assets must be valued and accurately distributed can be intricate. Without a knowledgeable division of assets attorney and potentially, the help of experts such as appraisers and financial analysts, it is difficult to determine whether or not you will receive the true value of the assets that you deserve.
At Townsend, Tomaio & Newmark, L.L.C., in Morristown, our legal team includes divorce and asset division lawyers who focus specifically on the distribution of marital assets. In fact, Partner Paul H. Townsend a respected resource in this area has been published in the informational treatise Forensic Accounting in Matrimonial Divorce. With powerful knowledge and resources behind us, we can effectively tackle cases involving high net worth divorce and complex property distribution. To discuss your current situation with one of our knowledgeable property distribution attorneys, contact our offices in Morris County anytime at 973-840-8970. Our divorce and family lawyers are always available to provide you with a cost-free initial consultation.
Equitable Distribution of Property in New Jersey
Equitable distribution is the technical legal term for the principle the courts use to accomplish property division in the dissolution of a marriage. It is important to understand that “equitable” does not mean “equal,” but simply refers to the standard of fairness that must be applied to the division of assets process. Under New Jersey law, only assets acquired during the marriage can be divided. These assets are referred to as “marital property.” Separate property, which refers to assets acquired prior to the marriage, are not subject to equitable distribution.
During the division of assets process, the portion of each asset that is provided to each party and how it is ultimately divided depends on the nature of that asset and other relevant factors, including:
- 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 (i.e. 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; and
- The child custody arrangement of the parties (if applicable)
Asset Valuation and Property Distribution in NJ Divorce
Our New Jersey family law firm takes the following three steps in every property division case, regardless of the size of the estate:
- Identify the assets such as bank accounts, retirement assets, businesses and real estate
- Determine the value of the assets
- Arrive at an equitable distribution of the assets
Careful attention to each of these steps is absolutely necessary if you are to receive what you are entitled, preserve assets that you have a right to keep and maintain your lifestyle after the process is complete. Getting all the facts straight can make it easier for divorcing couples to arrive at a negotiated agreement and will assist us in protecting your rights if it is necessary to go to court.
Seeking Solutions for Upside-Down Assets in New Jersey
During difficult economic times, many homes cannot be sold for a price that will cover outstanding mortgages and home equity loans. You may be concerned that you cannot afford to get divorced if doing so would mean selling the family home.
There are many options under New Jersey law for people who are upside down on their assets. Judges have broad discretion to handle these situations, and such issues can also be worked out in negotiations. We understand all the factors that need to be taken into account and can assist you in securing a favorable resolution.
Contact Our Morristown NJ Divorce Lawyers to Discuss Your Case
If you are considering divorce, have filed for divorce, or are currently undergoing a divorce and are concerned about how your marital assets will be divided, call 973-840-8970 or contact us online to schedule a consultation with an experienced family law attorney.