What is a “Fair” Division of Property in Divorce?By Moskowitz Law Group, LLC |
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.