If you're like a lot of our readers, then you may have stumbled across our blog because you have begun divorce proceedings and have questions about the process ahead. Questions are normal for people in your position because like most, you probably only have a vague understanding of the law and what needs to be done in order to finalize your divorce.
It today's post, we would like to answer a question often asked by individuals throughout New Jersey who are going through a divorce: How is property divided in a New Jersey divorce? Let's take a look.
New Jersey is one of many states that divides marital property according to the rule of equitable distribution. Simply put, equitable distribution allows for a near 50/50 split of all marital property, including debts, according to several variables that include:
- Length of marriage
- Spousal income
- Established standard of living
- Each spouse's age and physical condition
- Proportion of contribution to marital property
- Other factors that may affect the split of marital assets
Before equitable distribution takes place, it will need to be decided, either by each spouse or by the courts, what property and liabilities will be considered separate (personal) property and what will be considered marital property. Whatever is considered separate property, will be allocated to that spouse while remaining debts and assets will be considered marital property and thus divided according to the factors above.
Although divorcing couples in New Jersey have the option of dividing their marital assets amicably on their own, some couples require intervention from the courts. Either way, though, it's considered a good idea to have a lawyer at your side during the division of asset step to avoid issues or disputes.
Source: FindLaw, "New Jersey Marital Property Laws," Accessed March 29, 2016