Hudson County Property Division Lawyer
A divorce requires that all property, from small household items to real estate and stock accounts, must be divided equitably between spouses. If you are engaged in the divorce process, you may have questions about how the court will distribute marital property and its affect your finances.
An experienced divorce attorney could explain how property division laws may apply to your case. Speaking with a Hudson County property division lawyer could help you protect your right to marital property and pursue a fair division of assets.
Division of Marital Property in Hudson County
The court has the authority to divide any property that it considers to be shared between divorcing spouses. The law generally considers shared property acquired during the marriage to be marital even if it is only in one spouse’s name, with a few exceptions.
Equitable Distribution of Property
In a Hudson County divorce, each spouse is entitled to receive an equitable or fair portion of marital property. However, equitable distribution does not mean that each spouse would automatically receive an equal amount of marital property, but rather what a judge believes is just. An asset division lawyer in Hudson County could help someone better understand these property distribution rules.
Equitable Distribution Criteria
The court must consider several factors when attempting to split property fairly between spouses. Pursuant to New Jersey Revised Statutes §2A:34-23.1, examples of these factors include:
- Length of the marriage
- Age and health of the spouses
- The income brought into the marriage by each spouse
- The income, earning capacity, and education of each spouse
- How each spouse contributes to the education or earning the power of the other
- If a party deferred pursuing a career for the marriage or child-rearing
A judge may consider many other relevant factors as well. A Hudson County lawyer with experience in disbursing shared property could argue for these factors to be applied advantageously for their client.
What Property Can Be Distributed?
Before the court can divide property, it must determine if the property is marital in nature. Separate property usually includes assets owned prior to the marriage or obtained as a personal gift or inheritance. The court must award separate property to the spouse who owns it.
A divorce court can divide any property that is marital between the spouses, including:
- Real estate
- Bank and stock accounts
- Retirement funds
- Household and personal property
Judges usually also divide business assets and intangible property that was shared. A Hudson County asset division attorney could work to ensure all marital assets are distributed in a way that is fair and deserved.
Valuing Marital Property
To fairly distribute property between spouses, a judge must have comprehensive information about the value of each item. Spouses are required to provide each other and the court detailed financial records to ensure that fair and accurate values are used.
Some property, like a checking account, may have a self-evident value. Other properties like real estate, jewelry, or business investments may be more complex to assess. Valuing some property may require reviewing financial records, obtaining appraisals, or hiring an expert witness.
Call Now for Guidance from a Hudson County Property Division Attorney
How the court distributes property in your divorce could have long-term impacts on your finances. Ensuring that all property is valued accurately and divided in a way that is fair to you is a priority.
Hiring a Hudson County property division lawyer could help you retain the property you are owed. Contact seasoned legal counsel today to review your case.