Role of the Court in Teaneck Asset Division
Asset division is often one of the most contentious parts of the divorce process. The Court uses an equitable distribution policy to divide assets during the divorce process. The role of the court in Teaneck asset division is to ensure the distribution of assets is fair and equitable, not necessarily that it is equal. Not every divorce case needs to go to Court. Working with a property division lawyer can make it easier to decide on the right steps for your specific situation.
How Asset Division is Handled
Divorcing couples can choose to handle asset division in several ways.
Agreement Between Spouses
Sometimes, spouses can come to an agreement regarding the equitable division of assets themselves. They can work their way through their possessions, including all accounts, real estate, and other marital property, and agree on fair and reasonable division. This is especially appropriate if there are either minimal assets or if there are assets that are easily valued.
Mediation
Some spouses cannot reach an agreement themselves but can sit down with a court-appointed mediator and their attorneys or engage in mediation with their lawyers to reach a fair agreement. At Moskowitz Law Group, we encourage our clients to reach an agreement together or through mediation when possible to avoid an expensive and drawn-out Court case.
Judge Decision
If the spouses cannot reach an agreement on their own, even with the help of a mediator, they may use the Court to reach an equitable division of assets in Teaneck. In that case, the judge will lay out how assets are divided, leading to a final decision that will end the asset division discussion. Each party will have to present evidence as to the asset and the valuation of such assets. Often an expert such as an appraiser will be required to give a report and testimony as to the value of an asset that is not easily valued.
Fair and Equitable Division of Assets
New Jersey specifies that the distribution of assets in a divorce case should be fair and equitable, not necessarily equal. While most divorces do result in approximately 50/50 asset division, that is not absolute. For example, if both spouses keep their vehicles, it may not matter that one vehicle is worth significantly more than the other. Likewise, each spouse might choose to keep a piece of real estate without considering the specific value of those properties.
The role of the Court asset division in Teaneck is ensuring the ultimate decision about how to handle assets post-divorce is fair, not necessarily that both spouses come out precisely equal. Some factors that can impact the equitable division of assets may include:
- The duration of the marriage
- The assets each spouse brought into the marriage
- Whether a premarital agreement protects any assets from prior to the marriage
- The contributions of each spouse to the marriage, home, and family
- The financial needs of each spouse, including potential future financial needs
- Maintenance, support, or alimony awarded to one spouse as part of the divorce process
- Arrangements made for minor children
- The need for a spouse to have a particular asset (for example, one party might need to retain a home or a business, and the other party will get a different asset to match the value of the retained home or business)
Careful consideration of all of these elements can make it easier to separate out assets effectively, ensuring that each spouse receives a fair share of the property, money, and other marital goods associated with the marriage.
Work with an Attorney to Learn More About the Role of the Court in Teaneck Asset Division
Typically, the role of the Court in Teaneck asset division is fairly minimal. However, in some cases, the Court may need to take a more active role in assessing assets, determining their worth, and working out an equitable division. Contact Moskowitz Law Group to discuss your rights as you work to divide your assets during your divorce.
