Dividing Marital Assets
Divorces can be difficult. They are often contentious, emotionally draining, and filled with uncertainty. Apart from the emotional stress, the process is strained by financial considerations that must be immediately addressed, such as dividing marital assets. Here is what you need to know, and how a New Jersey division of assets lawyer can be of assistance.
Dividing Marital Assets | Equitable Distribution
New Jersey is an “equitable distribution” state, which means that the marital assets and debts are to be divided in a fair and just manner given the parties’ relative contributions and sacrifices to the marriage. It does not mean that they will be divided evenly or 50/50. New Jersey courts apply a list of specific statutory factors to determine how much of the marital estate each partner receives at the conclusion of the divorce.
Dividing Marital Assets | Determining Factors
Specifically, the statute says that courts must consider:
- The duration of the marriage;
- The age and physical and emotional health of the parties;
- The income or property brought to the marriage by each party;
- The standard of living established during the marriage;
- Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution;
- The economic circumstances of each party at the time the division of property becomes effective;
- The income and earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage;
- The contribution by each party to the education, training or earning power of the other; the contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property, as well as the contribution of a party as a homemaker;
- The tax consequences of the proposed distribution to each party;
- The present value of the property;
- The need of a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects;
- The debts and liabilities of the parties;
- The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse, partner in a civil union couple or children;
- The extent to which a party deferred achieving their career goals.
Dividing Marital Assets | Hire an Experienced Attorney
Call our offices today so that we can assist you through the divorce process and help make your life easier. New Jersey division of assets lawyer Bart Lombardo has a proven track record of excellent outcomes. We are here to take the stress off your plate and get you the best possible legal outcome. Call us today.