Throughout a marriage in New Jersey each spouse may earn an income. They also may acquire assets and purchase property and other items both together and individually. Most of this property is considered marital regardless of which spouse actually earned the money or purchased the goods. There are a couple of exceptions such as gifts given to only one spouse or inheritances, but most property acquired during the marriage will need to be divided if the couple divorces.
At the time of the divorce each spouse has an equal right to the marital property of the couple, but that does not necessarily mean that it will be divided equally. Marital property is divided equitably. This could mean it is divided equally, but that is not always true and one spouse could receive more marital property than the other depending on the circumstances. So, the first step in property division is that the couple must determine which property is marital and which property is separate property. Next the marital property must be valued, finally it must be divided equitably.
There are many factors that are analyzed to determine how marital property will be divided equitably. The division of property depends on how long the couple was married, the age and health of each spouse, the earning capacity of each spouse, their economic circumstances, each spouse’s contribution to the property, the couples’ standard of living during the marriage and many other factors which may be relevant.
People going through a divorce in New Jersey must go through the process of dividing their shared life together into two separate lives. This includes dividing all of their marital property. This can be a difficult task and involves the valuing of many different types of property acquired during the marriage. This is especially true if the couple has been married for a lengthy period of time. Ensuring that property is properly valued and properly distributed is important and consulting with experienced attorneys could be beneficial.