Teaneck Property Division Lawyer
Experiencing a divorce will force people to make massive changes in their lifestyle. While many of these changes are superficial, others are a requirement under law. Perhaps the most visible change is the rights of parties to marital property after the finalization of a divorce.
New Jersey requires an equitable distribution of marital property if a divorce goes to trial. This can be an unpredictable process that leaves the ultimate decision in the hands of a judge. However, it is still possible for parties to retain some semblance of control over this process by entering into separation agreements either before a divorce or during the case.
A Teaneck property division lawyer could help you protect your assets during a divorce. This can include making an accurate accounting of all marital property and crafting legal arguments that serve to protect property rights every step of the way.
How is Property Distributed in a Teaneck Divorce?
According to New Jersey Revised Statute §2A:34-23.1, courts must equitably distribute all marital property. This means that a court will issue a final order that places both parties on equal financial footing moving forward.
This concept can have a massive impact on marital property. To effectuate an equitable distribution, courts may order the sale of a family home, the liquidation of a business, the payment of debts, and the splitting of bank accounts. The outcome of marital property division can also affect a request for alimony.
One of the largest parts of this process is the determination of what property is subject to this distribution. Any assets that a person owns prior to marriage and manages to keep separate from their spouse remains personal property. A Teaneck property division attorney could help to explain the concept of equitable distribution and work towards a fair categorization of marital property.
What Factors are Considered When Dividing Assets Equitably?
There are several common rules for the equitable distribution of assets during a divorce. This form of property division means that assets will not necessarily be split 50/50 between spouses, although many assets do fall into that realm. Some of the different factors outlined in the equitable distribution statute include:
- The length of the marriage
- The emotional and physical health of the parties
- The income and earning capacity of both spouses
- The current financial situation of both spouses
- The standard of living established during the marriage
- Any written marital agreements signed before or during the marriage, such as a prenup or postnup
All of these factors could make a significant difference in how a couple’s assets are split, which is why it is essential for an individual to provide as much documented information as possible to their attorney at the start of their case.
Helping Individuals to Retain Control During Divorces
Divorces are notoriously complex and emotional affairs. It is not unexpected that parties may feel frustrated and even angry about the entire process. However, proper planning could help someone retain a certain level of control concerning the distribution of marital property.
Couples who have the foresight to enter into marital agreements can dictate to a family court what they want to happen to their assets and debts in case of a divorce. Prenuptial agreements, postnuptial contracts, and even separation agreements that couples form after filing for divorce can help to determine what a court will do with marital property. A Teaneck property division attorney could help people to craft these agreements in a way that gives them legal standing in court.
A Teaneck attorney experienced in handling the disbursement of marital property could also help to fight for a fair distribution of property at trial. If the parties are unable to come to an agreement concerning property division, a lawyer can make convincing arguments in court as to why a person’s plan for the future meets the state’s requirements for equity.
A Teaneck Property Division Lawyer Could Help to Provide for the Future
Enduring a divorce will always throw your life into chaos. One way that this becomes immediately apparent is when the court considers the question of property division. All property and debt that a couple acquires during the course of their marriage are subject to a distribution that may force the sale of real estate or a family business.
A Teaneck property division lawyer may be able to help you to fight for your assets during this process. Call today to learn more about your legal options.