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If you are considering divorce, it is important to understand the potential issues which you might encounter as it relates to the division of property. Marital property is divided in New Jersey under what is known as “equitable distribution.” The purpose of equitable distribution is to divide assets and debts acquired on the date the parties were married up to the filing date of the divorce complaint in a manner that is fair and just under the circumstances of your particular case.
While equitable does not mean equal, parties will normally split their assets and debts down the middle. This will involve you and your spouse going through and deciding what counts as a marital asset, have it accurately priced, and deciding to whom it will be awarded to. Assets commonly divided between couples during a divorce include:
While assets will be divided fairly, they will not necessarily be divided equally. For instance, one party might sacrifice an asset that has more monetary value in order to keep an asset that holds more personal value. In the case of neither party being able to reach an agreement between a specific asset, the Court will intervene, and award the asset to whom it believes needs it the most. Factors that the Court will take into consideration in deciding whom the asset will be awarded to include:
Equitable distribution is not intended to take the place of support. There are also important tax considerations when deciding equitable distribution and you should consult with an attorney before agreeing to divide marital assets. It is highly recommended that these issues and assets be settled between your spouse and yourself privately, rather than in the Courts in order to ensure the best possible outcome for the division of your assets.
Spouses may attempt to hide assets from the other so as to shield them from equitable distribution. Substantial assets can be hidden, so attorneys use discovery tools and forensic experts to unearth undisclosed assets. If you suspect your spouse is hiding assets, an attorney is vital in your case so you can get what is rightfully yours.
The New Jersey divorce lawyers at the Law Offices of Sylvia S. Costantino, Esq., LLC will work with you to ensure that everything you need, whether it is for monetary or emotional reasons, is kept in your possession and that assets are divided fairly between you and your spouse. Contact us today to set up an appointment and ensure that you are given fair and equal treatment.
Before you can be brought before a court you will have to go through the most time-consuming process of the whole divorce, the division of assets and debts. This will involve you and your spouse going through and deciding what counts as a marital asset, have it accurately priced, and to whom it will be rewarded too. According to the New Jersey Equitable Distribution Laws, assets will be divided in a fair, but NOT NECESSARILY equal manner between the two parties. Assets commonly divided between couples during a divorce include:
A marital asset can be described as anything acquired during the course of the marriage, thus those it will needed to be divided between the two clients and assessed as to what will be considered a marital asset during the divorce.
Marital assets can also be considered if either spouse had made sacrifices to acquire it. While assets will be divided fairly, they will not be divided equally, for example, one party might sacrifice an asset that has more monetary value in order to keep an asset that holds more personal value. In the case of neither party being able to reach an agreement between a specific asset, the court will intervene, awarding the asset to whom it believes needs it the most. Factors to which the court will decide on to whom the asset is awarded include:
It is highly recommended that these issues and assets be settled between your spouse and yourself privately, rather than the courts in order to ensure the best possible outcome for the division of the assets. The courts WILL NOT take into account specific needs, attachments, or circumstance while attorneys and a spouse will.
We will work with you to ensure that everything you need, whether it is for monetary or emotional reasons, is kept in your possession and that assets are divided fairly and evenly between you and your spouse. Contact us today to set up an appointment and ensure that you are given fair and equal treatment.
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