It is no secret that the process of going through a divorce is difficult. It requires spouses to separate the life that they built together. During this time, a couple’s assets must be divided between the two of them. While many think this results in an equal distribution of assets, it actually usually results in “equitable distribution.” This does not mean the spouses’ assets are divided equally, but instead, they are divided fairly between the two. An experienced attorney can provide spouses with guidance during this time to protect their assets.
Divison of Property
Sometimes, couples can divide their assets amongst themselves. Other times, they may need the assistance of the court. In doing so, they allow a judge to do so themselves. When dividing assets, the judge must determine what is marital property and what is separate property. Marital property is assets that were acquired during the marriage or converted into both spouses’ property. Assets that were acquired before the marriage and agreed to stay their own are separate property.
How do courts divide assets in a divorce?
Usually, marital property is equitably distributed while separate property is not. This is because assets that are considered separate property belong to each individual. During the division, judges may also consider other outside factors. This can include their ages, earnings, debts, liabilities, tax consequences, economic status, and more.
How can I protect my assets from a divorce?
It is important to know that spouses can protect their assets just in case. This can be done with a prenuptial agreement that outlines how the assets would be divided if the couple were to divorce. This is drafted and signed before the marriage. If a couple wishes to draft an agreement after they are already married, this can be done with a postnuptial agreement. This serves the same purpose as a prenuptial agreement. If the couple runs a business together, they can create a shareholder agreement. This establishes each spouses’ interest in the business if they wish to divide it during a divorce.
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.