Equitable Distribution in New Jersey Asset Division Cases
New Jersey is an equitable distribution state. Upon the dissolution of a marriage, assets are not automatically divided equally between the two spouses but are instead closely examined and evaluated to ultimately create a fair distribution.
The process of equitable distribution in New Jersey asset division cases can be complex, especially without the knowledge and support of a qualified legal professional. If you are struggling to divide your property during your divorce, consult an experienced attorney.
Equitable Distribution is not a 50-50 Split
There are a number of different provisions to the statute that the court will determine when dividing the property. Often, an equal split of all assets between the two spouses does not create a fair distribution, so it can be crucial to enlist a local lawyer during this process.
The current value of the marital property will be calculated during a divorcing couple’s distribution process. In addition, the court will look at the debts and liabilities of the parties, custody agreements, and any properties that could be exempt from the asset distribution process, such as any inheritances for either party, which would not be divided.
Though all of these factors are important when determining the equitable division of marital assets, there are still some properties that are divided evenly between the spouses. For example, real property and bank accounts are often divided 50-50. However, it is essential to note that this outcome is not automatic and only comes after careful consideration.
Factors in Determining Asset Division
The New Jersey Code governs the equitable distribution criteria in the state. It outlines the different factors that the court will take into account when making a determination of equitable distribution of a divorcing couple’s property. These factors include:
- The duration of the marriage or civil union
- The age and the physical and emotional health of the parties
- The income or property brought to the marriage or civil union by each party
- The standard of living established during the marriage or the civil union
Another important aspect that can have an impact on asset division is any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution. For example, if the couple had a prenuptial agreement, the court will take that into account, along with the economic circumstances of each party at the time the divorce. Tax consequences are another factor that is usually considered, as that is often relevant when evaluating property.
The court will attempt to ensure that there is a fair division of property based upon all of those factors. A knowledgeable attorney in the area could help an individual prepare for the court’s equitable distribution decision by gathering all of the necessary financial information to form a compelling case.
A New Jersey Attorney Could Explain How Equitable Distribution Applies to Your Case
The distribution of marital property during a divorce can be a daunting task to take on through on your own. If you are facing this situation and do not know where to start, you may benefit from the assistance of a compassionate attorney. A New Jersey lawyer could explain what equitable distribution means in your asset division case and protect your rights throughout the entire process. Call today to schedule a consultation and learn more about your options.