Morris County Divorce Lawyers Discuss Protected Assets and Equitable Distribution
If you are contemplating divorce in New Jersey, you’ll likely be interested in how your property will be divided, what the process looks like, and what factors can be considered in determining division of assets. While some states allow for a strict 50/50 (equal) division of property in a divorce, New Jersey is an equitable distribution state. The key differentiating term is equitable and not equal, which means property is divided in such a manner determined to be fair, but not necessarily equal.
Marital Assets and Separate Assets in Your Morristown Divorce
Often times during divorce litigation there are assets that are considered marital assets and assets that are considered separate assets. So, separate assets could be a variety of things, for example, you may come in to the marriage with certain assets you may have a portion of your retirement account that was accumulated prior to the marriage starting and that would be considered separate assets and wouldn’t be subject to equitable distribution or to be shared at the time of the divorce. There could also be assets that you inherit during the marriage, for example, if you receive an inheritance of a property and that property is then turned over entitlement in your own separate name that asset would remain a separate asset property and will not be subject to equitable distribution. You may receive a gift during the marriage that was given just to you as opposed to the two of you and that also may be considered a separate asset or separate property that is not subject to equitable distribution and it’s not subject to being shared between you and your spouse at the time of the divorce.
Marital Assets and Separate Assets Determine Equitable Distribution in Mendham NJ
One of the most common questions people have surrounding asset division is what property or assets are protected and will not be considered during the equitable distribution process. Examples of assets that can be excluded, as long as they were not commingled during the marriage, include inheritances, third-party gifts, and properties or retirement funds held prior to the marriage.
Factors the Court Considers When Identifying, Valuing, and Dividing Marital Property in New Jersey
With that said, there are many considerations made when completing the equitable distribution process of identifying marital property, going through a valuation of the property, and ultimately dividing up the property. In determining what will be included, there are a number of factors that can and most likely will be considered:
- Marraige Duration;
- Age and health;
- Debts or liabilities;
- Standard of living;
- Economic circumstances;
- Each spouse’s contribution to the couple’s marital property;
- Earning capacities;
- Any written agreements (Prenup, Post nuptial, Mid Marital Agreements)
- Any other factors the court deems relevant.
Contact a Morristown Equitable Distribution Attorney Today
Our firm believes that a great legal team can take the stressful divorce process and make it much more manageable for our clients. At Jacobs Berger, our Morristown complex property division lawyers see our role in the divorce process as architects of newly formed family units. While money is only one aspect of your divorce, a solid financial foundation is an essential part of moving forward with your life. We are dedicated to providing dynamic and personalized legal service allowing us to build a stellar reputation in local New Jersey communicates including Denville, Morristown, East Hanover, Tewksbury, Randolph, Dover, Rockaway, and all of Morris County.
Call our Morristown offices by dialing (973) 718-7705 or contact us online today for a confidential and comprehensive case analysis with a member of our qualified legal team regarding your division of assets or any divorce or family law issues.