Obtaining a Favorable Division of Assets in New Jersey
When entering into divorce proceedings, it is essential to understand the laws governing how assets are divided between spouses. While many believe that marital assets are divided equally in a New Jersey divorce, that is not always the case. This is because New Jersey law employs a process called equitable distribution when dividing marital assets. Equitable distribution is intended to divide assets fairly and equitably, which does not necessarily mean equally.
The Court considers various statutory factors, such as the length of the marriage, the financial circumstances of both spouses, and each spouse’s financial and non-financial contributions to the marriage. Speak to a knowledgeable family law attorney for help obtaining a favorable division of assets in New Jersey.
Fair and Equitable Division of Assets
Open, honest, and transparent communication is the foundation of an amicable divorce and securing a favorable division of assets in a New Jersey divorce. When both parties are willing to engage in transparent discussions regarding their financial situation, child custody, parenting plans, and other essential issues, they significantly increase their chances of reaching their desired outcome and avoid leaving their family’s futures in the hands of a judge that is a stranger to them.
Complete financial disclosure from both parties is essential to ensure an equitable division of assets and debts. Each person must provide accurate recent and prior documentation of all income, assets, and outstanding debts.
What Is Marital Property?
Marital property generally constitutes any assets and debts that the married couple jointly or individually acquired during their marriage, regardless of who actually holds title to the property or is responsible for repaying the debt. Conversely, the Court generally considers all assets or debts acquired by either party before they got married or after they commence a divorce action as separate property that is not subject to being divided in the divorce. Likewise, the Court generally considers gifts or inheritances from third parties during the marriage to be separate property.
Some examples of marital assets are below:
Real Estate
Real estate includes the marital home, investment properties, vacation homes, and any real property purchased during the marriage. It includes all property regardless of how the title is held. In the case of property owned before the marriage, this separate property can be converted to marital property subject to equitable distribution if both spouses made payments or other substantial financial or non-financial contributions toward the property.
Bank Accounts, Investments & Retirement Assets
Bank accounts and investments include all savings and checking accounts, investment portfolios, stocks, bonds, mutual funds, and any other financial assets acquired while married. Retirement assets may consist of 401(k)s, pensions, IRAs, and any other retirement plans either party contributed to between the date of the marriage and the date of the complaint for divorce.
Vehicles
Vehicles owned by either or both of the spouses are also subject to division. That includes cars, motorcycles, RVs, and boats purchased during the course of the marriage.
Outstanding Debts
Outstanding debts include mortgages, credit card balances, car loans, personal loans, and other financial debts or obligations taken on by either spouse during the marriage.
A New Jersey divorce lawyer can help prepare a thorough list of assets and debts that are subject to division, evaluate their value, and secure the best potential outcome for you.
Call a Seasoned Family Law Attorney in New Jersey for More About How To Obtain a Favorable Division of Assets
The decision to end your marriage is never easy. When you make the choice, taking steps to protect yourself and reach a just outcome is crucial.
A divorce lawyer who is skilled in obtaining a favorable division of assets in New Jersey can answer all your questions, provide support outside or inside the courtroom, and guide you each step of the way. Call us today to schedule a consultation, review your case, and learn more.
