Hudson County Division of Assets Lawyer
Divorcing spouses may not always agree on how to divide marital property, especially that which has both sentimental and financial value to both parties. Agreements and court orders dividing assets in a divorce are typically permanent, so it is vital to understand the legal process.
Fortunately, a seasoned divorce attorney may be able to help you retain the property you desire. If you are worried about how a court might split your property in a divorce, let a Hudson County division of assets lawyer help.
How Equitable Division Applies to Marital Property
When spouses divorce, the law requires the division and distribution of any marital property. When it comes to this asset division process, New Jersey is not a “community property state,” but instead follows equitable distribution laws.
Equitable distribution does not require that each spouse receive any set amount of property—instead, each spouse receives a fair amount of marital assets. Some property, such as that owned before a marriage or inherited from a relative, may not be considered marital property. The owner of any nonmarital property would be entitled to keep it.
Equitable Distribution Criteria
A person facing a divorce may find it challenging to predict how a court might divide assets. New Jersey Revised Statutes §2A:34-23.1 allows a judge to consider any factors they deem relevant when dividing marital assets, but the statute also lists several factors that the court must consider, including:
- The age and health of each spouse
- Written agreements made prior to the marriage such a prenuptial or postnuptial contract
- Economic circumstances of each party
- Debts and liabilities of each party
An experienced Hudson County distribution of assets attorney could help clarify how equitable distribution principles would apply to a particular case.
The Importance of Asset Disclosures
Both spouses must know the other’s full financial situation to achieve an equitable distribution of assets. For this reason, N.J.R.S. §2A:23D-10 requires the disclosure of all relevant financial information in a divorce proceeding. Failure to follow this rule could result in the court reopening the case or other serious consequences.
Sometimes parties inadvertently fail to follow this rule because they have forgotten an asset, or they might mistakenly believe that some information is not relevant to the case. Unfortunately, they may suffer legal consequences due to these errors.
Providing asset disclosures is a complex and time-consuming process, and obtaining disclosures from a spouse who is unwilling to share information can be even more difficult. An asset distribution lawyer in Hudson County who is familiar with their disclosure rules could work to ensure that disclosure problems do not negatively affect the asset division process.
Disagreements About Property Value
Sometimes spouses do not know what an item or property is worth, or they may disagree about the property’s value. The court must have an accurate value for every significant property item to distribute assets equitably. Expert witnesses and appraisers can be hired to assist with complicated assets.
How a Hudson County Division of Assets Attorney Might Help
If you want to make sure that you receive the assets you deserve in your divorce, a Hudson County division of assets lawyer may be able to help. By better understanding the asset distribution process, you could more effectively protect the assets you may be entitled to.
An understanding attorney could help you through complicated asset divisions and fight for your best interests every step of the way. Call today for a consultation.