When is comes to dividing assets in a divorce case in New Jersey, we are an equitable distribution (ED) State rather than a community property State. In a marriage, there can be marital property and separate property that is not part of the ED equation. The courts must first determine which assets are part of the equation, second the property(s)/items must be values and lastly, the court must fairly allocate the assets.
Marital property is all real and personal property acquired by the parties during the marriage (from date of marriage to filing of the divorce complaint). The Courts view the assets as part of a partnership, ” a shared enterprise.”
Inheritance and third party gifts are not included in this pot of assets. Separate property is acquired prior to the marriage and/or property obtained by a third party gift or inheritance. This property is not subject to division in a divorce.
There are many factors concerning the division of property in a New Jersey Divorce Case. Some of the major factors are as follows:
- Length of Marriage
- Age of the Parties
- Income and Property brought into the marriage by each party
- Physical and Emotional Health of the Parties
- Standard of Living that was established during the marriage
- The economic circumstances of each party at the time the division of the property takes place
- Tax Consequences
- The present value of the property
- The income and earning capacity of each party
- The contribution by each party to the education, training or earning power of the other
Some of the most commonly fought over assets are: The marital home, Retirement Assets (Pensions/401ks), Stock Options, Closely Held Businesses and Professional Practices.
Whether you have a divorce in Morris County, Hudson County, Bergen County or beyond that involves the division of marital assets, it is imperative that you hire an attorney to represent your interests. Contact us today on 201-706-7012.