Morris County Property Division Lawyer
Outside of child custody, property division is the aspect of divorce that many people are most concerned about when going through a divorce. A Morris County property division lawyer could help make sure your rights are protected throughout this process. If you are considering or initiating a divorce in New Jersey, consider speaking with an experienced divorce attorney about the specifics of your case.
Property Division Laws Applicable to Morris County
Each state sets its own laws regarding property division during divorce cases. Some states are known as “50-50 states” when it comes to property division, meaning that each spouse takes exactly half of the assets or their equivalent value.
Alternatively, New Jersey does not subscribe to this rule of dividing property equally between divorcing spouses. State laws pertaining to property division focus on whether the allocation of the assets is fair and equitable, rather than simply equal.
In many cases in Morris County, dividing assets 50-50 is the fairest method of property division. It should be noted that there are also situations in which exactly equal division of property could be unfair to one of the divorcing parties.
For this reason, New Jersey courts try to look at the whole picture when it comes to an equitable division of the assets. Consequently, representation from a Morris County property division lawyer could be crucial for any individual spouse seeking to ensure their interests are considered by the court.
Ensuring Equitable Property Division
Courts in New Jersey consider several factors when determining whether a proposed division of assets is fair. It is important to understand that even if divorcing spouses agree on a certain arrangement for property division, it is always possible that the court would find the agreement unfair and elect not to sign off on it.
This possibility may be notably relevant if the parties have different levels of income or influence. In this or any other scenario, a seasoned property division attorney in Morris County could help a spouse draft fair and equitable agreement regarding the division of assets and express that sentiment before a family court.
Factors the Court Considers
New Jersey Revised Statutes §2A:34-23.1 lists a variety of criteria that define what the State of New Jersey considers to be “equitable distribution” of marital assets. These factors include and are not necessarily limited to:
- Whether property was obtained during the course of the marriage or brought into the marriage by one of the parties
- Whether one spouse gave up opportunities to gain financial assets for the purpose of taking care of children or supporting the other’s educational or occupational pursuits
- The current income and the future earning potential of both parties, which may include their age and health
- Whether one partner has significant income from inheritance, gifts from family, trust funds, and other sources
- The needs of any children and their primary caregiver, which may include their economic circumstances at the time the property division takes effect
- The debts of both parties, and the tax consequences of the property division
- Whether an existing and enforceable prenuptial or postnuptial agreement exists addresses property division in case of divorce
- How long the parties were married and the standard of living they enjoyed during the marriage
Individuals could do a thorough analysis with a knowledgeable attorney on how these and any other factors may impact their property division case.
Talk to a Morris County Property Division Divorce Attorney
If you are considering divorce, it is important to understand how assets are divided equitably by New Jersey courts. A well-practiced Morris County property division divorce lawyer could help you assert and protect your rights when it comes to your property division. Call today to learn more.