Hackensack Division of Assets Lawyer
During divorce or separation, a couple may need to divide their property and funds. When assets are commingled, though, they can be difficult to separate to their owners.
If you are splitting up with your spouse or significant other, it could be beneficial to have guidance from a seasoned divorce attorney throughout the process. A diligent Hackensack division of assets lawyer could offer advice and assistance during the separation of funds and property.
Division of Assets After Divorce in Hackensack
New Jersey is an equitable distribution state, meaning that property may not be split equally in the event of a divorce. Rather, the court has the authority to apportion assets in a manner that it believes is fair.
Dividing the Property
As per New Jersey Revised Statutes §2A:34-23.1, a court may distribute assets between divorcing parties in a manner found to be just and equitable. When doing so, the court may consider a number of factors, including the following:
- Duration of the marriage
- Ages and health of the parties
- Terms of any prenuptial or post-marital contracts
- Economic circumstances of each spouse
- Income or property that each partner brought into the marriage
- Standard of living established during the union
- Income and earning capacity of each party
- Funds contributed by one spouse for the education of the other
During such proceedings, each of the estranged spouses is afforded a rebuttable presumption that they contributed substantially to the marital funds and property, even if the contribution was nonfinancial. A Hackensack division of assets attorney might be able to help a client to overcome this legal presumption.
Distributing the Debts
During the period of asset division, a judge may also distribute liabilities. Common debts distributed as part of this process may include mortgages, car payments, and credit card bills.
If the court determines that a required payment is a mutual debt, it may offset potential awarded assets with liabilities. A local division of assets lawyer may be able to help with the division of marital debts.
Reaching the Assets of an Absent Spouse
As a Hackensack property division attorney could explain, there are nine circumstances that make a spouse legally eligible for divorce under N.J.R.S. §2A:34-2. One of those grounds is willful desertion for a continuous period of one year or more.
After filing for divorce, abandoned spouses may have a lien placed on the deserter’s assets. According to N.J.R.S. §2A:34-26, if a spouse or partner cannot be served with court papers, the judge may attach their belongings and monies to compel their appearance. If the deserting spouse fails to appear, the court may issue a judgment in favor of the spouse who is present.
Speak with a Hackensack Division of Assets Attorney Today
If you have been a partner in a married couple for any amount of time, you may have mixed your money with your spouse. After a split, extricating the property that you believe you deserve can be a difficult process.
Hiring a legal professional familiar with managing the apportionment of a property may be a wise move after a breakup. Call a Hackensack division of assets lawyer today to discuss the allotment of your funds and belongings.