Throughout a marriage, spouses bring their lives together in many ways. Often times, this includes a variety of different assets, physical and financial. It is because of this that dividing them during a divorce is usually difficult. During the division of assets, spouses tend to wonder what assets they are entitled to keep. If you are going through a divorce, it is important to retain the services of an experienced New Jersey divorce attorney for assistance protecting your cherished assets.
What is Litigation?
During a divorce, not all spouses are able to come to an agreement regarding the terms of their marital issues. When this happens, it is known as a contested divorce and usually leads to litigation. It is during this process that the court makes decisions on these matters for the couple. It is important to know that this subjects their assets to equitable distribution. While people usually mistake this for an equal distribution of assets, this is not always the case. Instead, it means the assets are divided fairly between both parties.
In order to determine where the assets belong, a judge will take numerous factors under advisement regarding the marriage as well as each individual spouse. This can include the length of the marriage, both spouses’ financial situations, if the couple has children together, and more. In addition to this, whether a spouse owes alimony or child support payments can influence decisions as well. For example, a financially dependent spouse may receive a larger portion of assets than an independent spouse so that they maintain stability. Litigation often leaves spouses disappointed because they do not always receive the assets they wanted to.
What Assets are Subject to Equitable Distribution?
When people acquire meaningful assets, rarely do they ever want to give them up. This makes the division of assets so hard. In doing so, the judge determines what is marital property and what is separate property. Marital property is assets that were acquired by both parties during their marriage. Separate property is assets that were acquired before the marriage and not converted into marital property in its duration. This can include belongings such as real estate, automobiles, bank accounts, etc. Couples who run a business together need to establish a plan for the future of the company as well. This can be done with the help of a skilled attorney for guidance.
Contact our Firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Russoniello & Dunn is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.