New Jersey Divorce Lawyer Handling Division of Assets
Division of Assets, also known as Equitable Distribution, refers to the division and distribution of all assets and liabilities upon dissolution of marriage. During a divorce action in New Jersey, the court determines how assets should be distributed based on a specific list of factors. In New Jersey, equitable means fair, and not necessarily equal. When dealing with division of assets in New Jersey, it is crucial that you retain an experienced New Jersey divorce lawyer who is well versed in negotiating, and litigating property division issues.
How do we differentiate marital and non-marital property?
Marital Property includes all property that either spouse acquires between the date of marriage and the date the complaint of divorce is filed. This can include bank accounts, 401k’s, stocks, retirement accounts, credit card debt, vehicles, homes, jewelry, and any other tangible property. It doesn’t matter if the bank account is solely in one spouses name, or if one spouse physically holds the title of the vehicle. If the property was acquired between the start of the marriage and the date of filing for divorce, it is considered marital property and it will be distributed equitably during the divorce.
Marital Debt includes all liabilities that either spouse became obligated to pay between the start of the marriage and the date the complaint of divorce is filed.
Separate Property (except property) includes all assets acquired by either spouse prior to the marriage. Two exceptions included in this category are gifts you receive from someone other than your spouse, and inheritances, if the inheritance was kept separate and only in your name.
Separate Debt includes debt that was incurred prior to the date of marriage.
Once all property and debt has been classified into these four areas, the next step is to assign the appropriate valuation of all marital property. What constitutes as equitable division is a case-by-case decision based on a variety of factors. If you would like to learn more about equitable distribution, please contact our new jersey law office. We offer a free consultation.
New Jersey Divorce Lawyer Salvatore A. Simeone practices exclusively in family law and is certified by the Supreme Court of New Jersey as a Matrimonial Lawyer, a distinction held by less than 5% of attorneys in the state. If you have questions about dividing your assets during divorce, contact our New Jersey divorce lawyer for a free confidential consultation. Let our experience work for you.