Equitable Distribution in New Jersey

Equitable Distribution in New Jersey

Equitable Distribution in New Jersey

Equitable Distribution in New JerseyNew 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. Here is how equitable distribution in New Jersey is determined:

Equitable Distribution in New Jersey

  1. The duration of the marriage;
  2. The age and physical and emotional health of the parties;
  3. The income or property brought to the marriage by each party;
  4. The standard of living established during the marriage;

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Equitable Distribution in New Jersey

  1. Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution;
  2. The economic circumstances of each party at the time the division of assets becomes effective;
  3. 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;
  4. 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;

Equitable Distribution in New Jersey

  1. The tax consequences of the proposed distribution to each party;
  2. The present value of the property;
  3. 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;
  4. The debts and liabilities of the parties;
  5. 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;
  6. The extent to which a party deferred achieving their career goals.

If you have any questions about how the interplay of these statutory factors might affect your divorce, do not hesitate to contact us today. We will work with you to establish a property division plan that you and your spouse can attempt to agree to, if possible, so that the decision rests in your hands rather than the court’s.

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