For many couples, divorce is incredibly complex. As such, you may find that one of the most contentious issues is the division of property. If you’re unsure whether or not your property will be divided evenly during your New Jersey divorce, you’ll want to keep reading. The following blog explores how property division is handled by the courts and why connecting with New Jersey equitable distribution attorneys can help you through these issues.
There is a common misconception that all couples will receive an even 50/50 split of assets during a divorce. While this is true for a handful of states, this is not true in the majority, including New Jersey. Most states, like the Garden State, rely on the equitable distribution statute of property division.
It’s important to understand that the courts encourage couples to try to work out an agreement between themselves. However, if they cannot come to an agreement or there is a considerable power imbalance, such as instances of abuse, you’ll then need to
Equitable distribution divides marital property based on each spouse’s contribution to the marriage. The courts will consider both financial and domestic contributions to ensure stay-at-home parents are protected.
You should also note that only joint assets are subject to distribution during a divorce. This is anything you accumulated throughout your marriage. This includes income, retirement funds, property, and debts. Anything deemed separate property will not be divided during your divorce unless the courts find it has been comingled with marital assets.
If you and your spouse cannot agree on how to divide your property, the courts will oversee these matters. In general, they will take the following factors, among others, into consideration:
If you have concerns about how your assets will be divided during your divorce, it’s in your best interest to connect with an experienced attorney. Additionally, your attorney can help ensure your spouse has fully disclosed their assets to ensure the courts have the information they need to create a fair and equitable plan. Unfortunately, it’s not uncommon for some to try to hide the full amount of their assets to ensure they receive more funds in the outcome of their divorce.
When you are going through a divorce and worried about how your assets will be divided, the best thing you can do is connect with an experienced attorney from Haber Silver Russoniello & Dunn. We understand how confusing property division can be, which is why our dedicated legal team is here to assist you. Connect with us today to learn how our competent and compassion firm can fight for the best possible outcome for your circumstances.
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