Addressing genuine concerns with genuine care
Property division, the “who gets what” of the divorce process, must be discussed and decided before you and your spouse can be granted a divorce in New Jersey. When you and your spouse are contemplating your separate lives, this process of determining who has to pay for which debts and who gets to keep certain property may get difficult. Jacobs Berger, LLC, can work personally with you to identify your property and ensure that you receive what is an equitable share.
What is equitable distribution?
In New Jersey, possessions, assets (things and money) and debts (money you owe) you have acquired throughout your marriage or union are called your marital estate and are subject to equitable distribution when your marriage or civil union ends. However, equitable doesn’t mean equal. New Jersey courts consider this a fair and just division of the property and the debts. This doesn’t include property that’s been held separately, such as money you may have kept in a separate bank account that were inherited or gifted, but it does include shared property such as houses, cars and joint bank accounts.
If you cannot reach an agreement with your partner about division of the marital estate, the court will make the decision. The court considers several factors before ruling on the division of your property:
- Duration of the union or marriage
- Physical and emotional health and age of both parties
- Projected economic circumstances of both parties upon divorce
- Standard of living that the parties enjoyed while married
- Income and property brought to the marriage or civil union by each party
- Written agreements, such as prenuptial or postnuptial agreements, between the parties
- Earning capacity, training and education of each party
- Responsibility for children and physical custody thereof
- Debts and liabilities of the parties
At Jacobs Berger, LLC, we’ve long believed that negotiated decisions are more satisfying than those made by a judge, but we’re always ready to litigate and make sure you get the best overall outcome possible. We partner with you to learn about your property, your circumstances and your needs and resolve your matter through mediation or litigation.
Helping you understand property division in New Jersey
Serving clients in central and northern New Jersey, Jacobs Berger, LLC, has an office in Morristown, across the street from The Exchange. When you need committed legal help with divorce, dissolution or property division, contact us online or call 973-710-4366.