Dividing property in a divorce can be a complicated process, especially in a state like New Jersey, which follows equitable distribution laws. If you are going through a divorce, hiring an experienced divorce lawyer in new jersey can help ensure that your assets are divided fairly and in accordance with state laws.
Understanding Equitable Distribution
New Jersey follows the principle of equitable distribution, which means that marital property is divided fairly, but not necessarily equally. Unlike community property states, where assets are typically split 50/50, New Jersey courts consider several factors to determine a fair division.
What Is Considered Marital Property?
Marital property includes assets and debts acquired by either spouse during the marriage. Some common examples include:
- Real estate (homes, rental properties, land)
- Bank accounts and investments
- Retirement accounts and pensions
- Vehicles
- Business interests
- Debts acquired during the marriage
Separate property, which is generally not subject to division, includes assets owned by one spouse before the marriage, inheritances, and gifts received by one spouse individually.
Factors Courts Consider in Property Division
When determining how to divide marital property, courts consider factors such as:
- The length of the marriage
- Each spouse’s income and financial circumstances
- The contributions of each spouse to the marriage, including homemaking and child-rearing
- The standard of living established during the marriage
- The age and health of both spouses
- Any written agreements, such as prenuptial or postnuptial agreements
- Tax consequences of asset division
- Any other factors the court deems relevant
The Role of a Divorce Lawyer in Property Division
A divorce lawyer in new jersey plays a crucial role in ensuring a fair property division by:
- Assessing Assets and Debts: Identifying and valuing marital assets to determine what should be divided.
- Negotiating Settlements: Working with the other party to reach a fair settlement without litigation.
- Representing You in Court: Advocating for your interests if an agreement cannot be reached outside of court.
- Protecting Separate Property: Ensuring that assets that rightfully belong to you remain yours.
- Handling Complex Assets: Addressing issues related to businesses, retirement accounts, and high-value assets.
Conclusion
Property division in a New Jersey divorce can be complex, but an experienced divorce lawyer in new jersey can guide you through the process and protect your rights. If you are facing a divorce, consulting with a knowledgeable attorney can help you navigate equitable distribution and secure a fair outcome.
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