ASSET AND DEBT DIVISION
New Jersey (NJ) Division of Assets Lawyers
During a divorce or physical separation, the issue of asset and debt distribution must be addressed. This can be an area of contention between you and your spouse where each of you stakes a claim to that which you believe you are entitled. No matter how complex your marital estate or how vast its size, it is essential that you retain an attorney who is experienced in asset and debt division to protect your interests and those of your children during your divorce.
New Jersey is an Equitable Distribution State
New Jersey (NJ) is an equitable distribution State which means that the marital assets, property and debt that have been accumulated during the course of your marriage will be divided fairly and equitably by the court, but not necessarily on an equal basis. A long list of statutory factors is considered before a determination can be made. The final decision regarding what is fair and reasonable regarding the division of assets and debts will either be determined through direct negotiations between you and your spouse (with or without counsel present), through mediation or by a judge at trial.
Factors Involved in the Division of Your Property
New Jersey’s equitable distribution statute includes roughly 16 factors that affect the division of your real and personal property. Some of these factors include: the duration of the marriage, the age of the parties along with their physical and emotional health, 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, the educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for the children, 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 or earning power of the other, along with several other factors.
Educating You about Asset and Debt Distribution
The New Jersey attorneys at the Morris County law office of Weinberger Law Group, LLC are experienced in handling even the most complex property, assets and debt distribution, whether you are getting divorced or dissolving a domestic partnership. We make sure that we educate you about your specific rights and let you know what you can reasonably expect will happen during the course of your divorce and asset distribution matter. It is imperative that you have a true and accurate understanding of all of your property division rights regarding the marital home, vacation or investment real estate property, vehicles, personal possessions, collectibles, business ownership interests, 401K accounts, 403b accounts, IRA accounts, pension plans, deferred compensation plans, profit sharing plans, SERPs (Supplemental Executive Retirement Plan), inheritance assets from family members, mortgages, HELOCs (Home Equity Line of Credit), and any other property, assets and debts which are subject to division during the divorce proceedings.
Protect your assets today by calling the NJ asset and debt distribution attorneys today at 973-457-1244 to schedule your FREE INITIAL CONSULTATION.
Please note that an asset and debt distribution agreement is also referred to as a property settlement agreement or a marital settlement agreement.
