Union County Property Division Lawyer
Divorces are always challenging, even when they are amicable. There are many elements involved and everyone has unique needs and circumstances. For these reasons, reaching a fair agreement about property division is often a time-consuming process.
A dedicated divorce attorney knows that understanding your rights and the laws governing these cases is the most effective way to reach a fair outcome. A seasoned Union County property division lawyer can provide sound legal advice and support throughout your divorce proceedings.
Marital Property Settlement Agreements Explained
Non-marital assets usually include anything someone owned before the day of their marriage. In some cases, non-marital assets may also include gifts or inheritances one spouse receives while married. Marital assets are anything spouses acquire over the course of their marriage and must be divided at the time of divorce.
Under the law, marital property may include:
- Real estate
- Bank accounts and savings
- Vehicles
- Insurance policies with a cash value
- Retirement assets and pensions
Prenuptial or postnuptial contracts may establish the terms for property division in advance of a divorce. When couples can agree on the settlement during divorce proceedings, they can save time, money, and ongoing stress. That being said, not every circumstance allows for an amicable agreement. Even couples ending on amicable terms may face challenges in distributing every shared asset. A Union County property division attorney can review the details of a case to answer specific questions.
Importantly, marital debts are often divided in a divorce in addition to assets. These debts can include mortgages, credit card debt, personal loans, and auto loans.
Equitable Distribution Laws in New Jersey
New Jersey family courts follow an equitable distribution rule for divorce settlement agreements. That means the law bases property division on fairness rather than dividing everything equally. The court’s goal is to ensure both individuals live the same or similar standard of living and lifestyles as they did during the marriage.
The court requires an inventory and valuation of all marital property as well as everything each spouse owned before their marriage. The court usually values assets based on property appraisals and the fair market value.
After gathering this vital financial information, the court may also consider the following information pursuant to N.J.S.A. 2A:34-23.1:
- The age and health of both parties
- The length of the marriage
- Marital agreements, if they exist
- Income, earning capacity, education, and contributions, such as homemaker or support during education throughout the marriage
- Standard of living
- Child custody arrangements
- Contributions to obtaining or purchasing marital property
A lawyer in Union County can provide legal support throughout the property division process to help a divorcing couple reach a fair and equitable agreement.
Property Division in High-Net-Worth Divorces
Property division can be especially complex in divorces involving high-net worths and high-value assets. Additional types of property, including trust funds, stocks and bonds, and generational wealth, may need to be addressed. Certain types of property may also be considered sources of income, complicating property division and determining financial support. There may also be unique considerations for taxes as well as child and spousal support. A family law attorney’s assistance can be essential to navigating the complexities of property division in a high-net-worth divorce in an efficient and proper manner.
Schedule to Meet with a Skilled Property Division Attorney in Union County
Reaching a mutual agreement on how you and your spouse will divide your marital property and debts during divorce proceedings is ideal. However, amicable agreements are not a reality for everyone. To ensure you get what you deserve under the law, understanding your rights and protecting yourself throughout your divorce proceedings is crucial.
An experienced Union County property division lawyer can provide legal advice and advocate on your behalf during negotiations to reach a fair settlement or court decision. Call Moskowitz Law Group today to meet with a family law attorney who can review your case.
