Common Issues During Asset Division in Teaneck
Dealing with the equitable division of assets during a divorce can feel incredibly daunting. Unfortunately, many common issues during asset division in Teaneck slow down the divorce process and make it more difficult to reach a resolution. Furthermore, some issues may cause the spouses to end up in a complex court battle and not resolve the case through mediation or negotiation. Contact our property division attorneys to be prepared for these concerns.
Dissipation of Assets
Sometimes, one spouse will deliberately try to spend down, transfer, or reduce available assets to prevent the other from recovering them after the divorce. This issue during asset division can negatively impact the Teaneck spouse who spends down those assets when the time comes to divide other marital property.
Evaluating Debts
Debts are considered part of your marital property, which means they may also need to be divided equitably during the divorce. Spouses commonly argue over the proper distribution of debts in Teaneck, particularly if one spouse racked up a lot of debt. Furthermore, spouses may argue over who has responsibility for a debt when one spouse keeps an asset linked to that debt, like a home or vehicle.
Marital vs. Non-Marital Property
Many spouses may argue over the difference between marital and non-marital property. Property that one spouse owned before the marriage, as well as some types of gifts or inheritances, are generally not included in marital property, which means they may continue to belong to the individual who owned them before the marriage or received such gift or inheritance. However, there are circumstances under which those assets may be deemed marital property, such as spending an inheritance on a home together.
Equity vs. Equality
One of the most common issues during asset division in Teaneck is the difference between equity and equality. New Jersey relies on a policy of equitable distribution in divorce cases. That means that, while the Court is duty bound to fairly distribute the property of the marriage for both parties, asset division may not be 100% equal. For example, each spouse might keep their personal vehicle without consideration for the cost of those vehicles, or each spouse might ultimately keep their own retirement account. In some cases, however, spouses may argue over the desire for equal distribution of assets, especially as it pertains to high-value items.
Hiding Assets
Some spouses may attempt to hide assets from the other party in order to prevent dividing them. Often, this takes place long before the divorce, as one spouse deliberately planned ahead for that process. At Moskowitz Law Group, we help our clients search for assets their spouse may have hidden to arrive at a fair asset distribution.
Property Valuation
Some spouses may argue heavily about the value of a specific piece or type of property during the division process in Teaneck. Often, one spouse will try to devalue a specific type of property, while the other will argue that it is worth far more. Sometimes, an expert may be necessary to properly assign value to specific types of property, including art, businesses, or real estate.
Consult an Attorney When Dealing with Common Issues During Asset Division in Teaneck
A lot of issues can come up during the asset division process. A lawyer can help ensure that your best interests are taken into account and that you understand your rights. Contact Moskowitz Law Group if you find yourself struggling with common issues during asset division in Teaneck.
