no-script-img
What is a “Fair” Division of Property in Divorce?

What is a “Fair” Division of Property in Divorce?

Going through a divorce is often stressful and can leave both spouses overwhelmed by this massive change in their lives. One major part of the divorce process, the division of assets and property, can be especially difficult, but an experienced property division lawyer could help explain the key terms. When dealing with a fair division of property in a divorce, it is important to know that the word fair is not synonymous with the word equal. In other words, assets and property may not always be split identically or 50/50 for each party.

What Constitutes Property?

Property can be anything from a 5-million-dollar mansion to a stock worth 5 dollars. Basically, property is anything that has value. Divorced couples are able to divide their property on their own terms, though the judge must make a decision if the couples are not able to agree on their own. The belongings of divorced couples will only be divided under law if there is a court judgment or order setting forth the division of property.

Exactly how the court fairly splits assets and property between a divorced couple depends on a variety of factors and which two types of property division laws are acknowledged, either community property or equitable distribution.

What is Equitable Distribution?

Equitable distribution is where marital property, being all property acquired during a marriage, is distributed fairly. The court looks at the facts of the case and the needs of each party. A few factors may include:

  • Financial condition of each spouse
  • Duration of marriage
  • Child custody
  • Premarital/prenuptial agreements
  • How much each spouse contributed
  • The value of each asset
  • Age/health of each spouse

Many other factors play a role in this type of property distribution because it is determined on a case-to-case basis. A full statement of the factors can be found in the equitable distribution statute at N.J.S.A. 2A:34-23.1.

Contact Moskowitz Law Group, LLC Today

Professional assistance may be necessary when going through a divorce due to the emotional distress and financial suffering it may cause. If you are seeking a divorce while wanting to protect your property, you may benefit from calling a qualified divorce law firm. The legal team at Moskowitz Law Group, LLC strives to reach the best results in your divorce. Contact us today by calling our office or filling out our free case evaluation.

Contact Our Attorneys Today

Start With A Free Case Evaluation

    [utm_campaign_i][/utm_campaign_i]

    [utm_source_i][/utm_source_i]

    [utm_medium_i][/utm_medium_i]

    [utm_term_i][/utm_term_i]

    [utm_content_i][/utm_content_i]

    [gclid_i][/gclid_i]

    Stopping Alimony Payments in New Jersey 12Jul
    Stopping Alimony Payments in New Jersey Posted by Moskowitz Law Group, LLC
    Can You Get in Trouble for Selling Assets During a Divorce? 11Jul
    Can You Get in Trouble for Selling Assets During a Divorce? Posted by Moskowitz Law Group, LLC
    Can My Spouse Sell Our House Before the Divorce is Finalized? 10Jul
    Can My Spouse Sell Our House Before the Divorce is Finalized? Posted by Moskowitz Law Group, LLC
    Mistakes Parents Make in Custody Battles and How to Avoid Them 21Jun
    Mistakes Parents Make in Custody Battles and How to Avoid Them Posted by Moskowitz Law Group, LLC

    No aspect of this advertisement has been approved by the New Jersey Supreme Court. The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice or tax advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. Please do not send any confidential information to us until such time an attorney-client relationship has been established. Results may vary depending on your particular facts and legal circumstances. Consultations are offered for those who retain the firm.

    ©Copyright 2024Moskowitz Law Group, LLC. All Rights Reserved.

    Contact Us
    [contact-form-7 404 "Not Found"]