Bergen County Division of Assets Lawyer
A divorce is a permanent, life-changing event that could affect every portion of a person’s life. A divorce decree, whether created by a Family Court judge or agreed to by the parties, must address all future considerations. In addition to child custody, the payment of spousal support, the assignment of debt, and other related matters, a divorce must also provide a fair division of assets.
Separating parties may have a say in how the division of their assets will take place. By entering into a marital agreement, both sides typically create contracts that have a binding effect upon any divorce process. Courts are obligated to consider these agreements when forming any divorce decree and may integrate the agreement into the case.
A Bergen County division of assets lawyer could help you understand the criteria that courts use to divide assets in a divorce. A well-versed divorce attorney could also help with the formation of a marital agreement that dictates how your assets would be distributed in the event of a breakdown of your marriage.
The Powers of Courts to Divide Assets
Family courts have the jurisdiction to consider all aspects of a person’s life when ruling on a divorce, including the distribution of all marital assets. In New Jersey, marital assets include all property, cash, real estate, and debts held by two married parties at any time during their marriage. Even property solely owned by one party before marriage may be subject to this distribution under certain circumstances.
As stated by New Jersey Revised Statutes §2A:34-23.1, courts are obligated to make an equitable distribution of assets. While this formulation may start with an assumption that an equal split is appropriate, cases rarely end in this fashion. Courts could consider several factors when ruling on these cases, such as:
- The financial contribution of each spouse to the marriage
- The ability of each spouse to support themselves after the divorce
- Any misconduct committed by either party that led to the divorce
- The length of the marriage
This process could create a great level of confusion and frustration for the participants of a divorce. Individuals may also feel that the judge’s decision satisfies neither party. Fortunately, there are options that a Bergen County division of assets attorney could work with a divorcing spouse to explore.
How a Marriage Agreement May Affect the Division of Assets
Courts exist to settle disputes between parties. If a couple comes to an agreement without the court’s help, their agreement would be accepted into the court’s decision.
Marital agreements can come in many forms. Many couples choose to create prenuptial agreements before getting married which dictate how assets are divided in case of divorce.
Alternatively, already married parties can create postnuptial agreements to serve the same purpose. Division of assets lawyers in Bergen County could help people create marital agreements that preserve their property rights in case of a divorce or separation.
A Bergen County Division of Assets Attorney Could Help
The end of a marriage could be an extremely stressful event in a person’s life, especially since a divorce must make accommodations for every part of the future. Courts have the power to make decisions concerning how they could divide the couple’s assets which are out of the hands of the people involved.
One way for divorcing assets to retain control over the division of assets is to enter a marital agreement. Whether these agreements are created before the marriage or after the ceremony, they can carry legal weight in the event of a divorce.
A Bergen County division of assets lawyer could help you understand how this process works and how best to pursue a mutually beneficial result within it. Contact an attorney today to discuss your case.