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Navigating a divorce is difficult, and matters of property division often add layers of complexity. In New Jersey, property division follows equitable distribution principles, aiming for a fair rather than equal split. Here is an exploration of how property is divided in a New Jersey divorce, shedding light on key aspects of this process.
Equitable Distribution Principle
New Jersey follows the equitable distribution principle, which means that marital property is divided fairly but not necessarily equally. Marital property encompasses assets and debts acquired during the marriage.
Factors Considered
The court considers various factors to determine a fair distribution:
- Duration of marriage: Longer marriages may lead to a more even distribution of assets.
- Income and earning potential: Disparities in income and potential future earnings can influence the division.
- Standard of living: The lifestyle enjoyed during the marriage may guide the division process.
- Contributions to marriage: Contributions in terms of finances, child-rearing, and homemaking are weighed.
- Age and health: The health and age of each spouse are considered, particularly concerning earning capacity.
- Custody arrangements: Custody arrangements can impact property division if children are involved.
Marital Vs. Separate Property
It is crucial to differentiate between marital and separate property:
- Marital property: Assets acquired during the marriage are generally subject to equitable distribution.
- Separate property: Inheritances, gifts, and assets owned before the marriage are typically considered separate and may not be divided.
Process of Division
- Identification: All marital assets and debts, including real estate, vehicles, bank accounts, investments, pensions, and debts like mortgages or loans, are identified.
- Valuation: Each asset is appraised or valued to determine its worth accurately.
- Division: Considering the factors above, the court aims to divide property fairly.
- Alimony: Alimony or spousal support may also be awarded based on financial need and other relevant factors.
Settlement Vs. Litigation
Many divorces in New Jersey are settled out of court through negotiation or mediation, allowing couples more control over the division process. However, the court will intervene to make decisions if an agreement cannot be reached.
Speak With an Attorney to Get Legal Advice
A divorce lawyer is pivotal in facilitating fair and equitable property division during proceedings. They begin by thoroughly evaluating all marital assets and debts, including real estate, investments, retirement accounts, vehicles, and personal belongings. The lawyer then works to value each asset accurately, considering factors such as market trends, appraisals, and expert opinions. Armed with this information, they advocate for their clients’ interests during negotiations or mediation sessions, striving to achieve a division that aligns with their financial needs and prospects.
Our Paramus Divorce Lawyers at Torchin Martel Orr LLC Will Assist You During the Divorce Process
Our Paramus divorce lawyers at Torchin Martel Orr LLC will advise you on property division during the divorce process. Call us at 201-971-4866 or complete our online form to schedule a consultation. Located in Paramus, New Jersey, we serve clients in Bergen County, Morris County, Essex County, Hudson County, and the surrounding towns in northern New Jersey.