New Jersey Complex Property Division Lawyer
The division of assets between spouses is one of the most complicated aspects of a divorce. If you own businesses, multiple properties, or other high value assets, this process can be made even more difficult, and you may be concerned about how the court will split the property. Fortunately, a New Jersey complex property division lawyer who has extensive experience in this area of law can work diligently to ensure that your important assets are distributed fairly between you and your former partner.
Complex Property Division
The process of dividing property in divorce can become complex in situations where there are multiple or high value assets involved. In addition, if one or both of the spouses own businesses, run a professional practice, or are otherwise highly compensated, the process of valuing and splitting assets often becomes contentious.
A complex property division lawyer in New Jersey may be able to help identify and evaluate assets as a part of the divorce process.
Marital Property in New Jersey
Under New Jersey law, property obtained by either spouse during the marriage is usually considered marital property. To be considered marital property, both real estate and personal possessions must have been legally and beneficially acquired after the date of marriage, though inheritances and certain gifts are generally excluded.
New Jersey is an “equitable distribution” state. This means that the court will consider a number of factors concerning a divorcing couple’s marital property.
There are some exceptions to equitable distribution. For example, if the reason for a divorce is because one spouse was wasting marital property, the court may adjust the distribution of the remaining assets.
N.J.S.A. 2A:34-23 provides the following factors for a court to consider when dividing property in a divorce:
- The duration of the marriage
- Each spouse’s age and health
- Each spouse’s income and economic situation
- The future economic or income needs of the spouse, including medical or educational needs of their children
- The contribution of each person to the marital property
- Any written agreement that applies to marital property
State law also allows a court to pay alimony and child support out of the marital property.
Process of Complex Property Division
The process of dividing property in a divorce starts with identifying marital assets. A New Jersey lawyer can establish whether a piece of property is a marital asset that should be considered by the court in divorce proceedings.
Once marital property has been identified, the court will assess the value of that property. Each spouse may disagree regarding the worth of their property and will have the opportunity to explain the value to the judge. In situations where the property concerns businesses, high value assets, or professional practices, a New Jersey complex property lawyer can help in the valuation process with the help of experts. In addition, spouses may be able to negotiate the distribution of property outside of the courtroom.
Finally, using the factors described above, the court will divide the property between the spouses. Each spouse will again have the opportunity to explain how these factors should affect the distribution of the property and their lawyers may be able to assist in the proceedings.
Call a New Jersey Complex Property Division Attorney Today
If you have many assets or high-worth properties are concerned about how they may be divided in your divorce, you should consider contacting a New Jersey complex property division lawyer. Even if you are just starting the dissolution process, an experienced legal advocate may be able to help you identify your marital assets and explain your rights under state law.
If property division has become a contentious issue in your divorce because of high value assets or other factors, our team can work to help you reach a negotiation. Call today to schedule a consultation and learn more.