Division of Assets and Debts
If you are going through a divorce or physical separation in the State of New Jersey, you will need to address the issue of asset and debt distribution (aka equitable distribution). Unfortunately, this can be an area of contention between you and your spouse. As both parties stake claims to the property and assets they believe are rightfully theirs, disputes often arise. Yet no matter how complex the marital estate is or how vast its size, it is essential that you retain an NJ divorce attorney who has the extensive knowledge and experience necessary to handle any asset and debt distribution matter. During this difficult time, it is important to retain a New Jersey divorce attorney who will protect your interests and those of your children throughout the entire divorce process.
New Jersey is an Equitable Distribution State
New Jersey is an equitable distribution state. This means that the marital assets, property, and debt that have been accumulated during the course of your marriage are divided fairly and equitably by the court. It is important to note that equitable distribution does not necessarily mean your assets will be divided into equal parts; however, only an accomplished New Jersey equitable distribution attorney will know this for sure.
The final determination regarding what is fair and reasonable may be achieved through one of several methods:
- Direct negotiations between you and your spouse
- Negotiations between the attorneys for each party
- Determination by a judge after a trial
Factors Involved in the Division of Assets and Debts
New Jersey's equitable distribution statute includes roughly 16 factors that affect the division of your real and personal property. Before a final determination is made, this long list of statutory factors is considered. Some of these factors include:
Duration of the marriage
- Age of the parties involved
- Physical and emotional health of both parties
- Income brought to the marriage by both parties
- Property brought to the marriage by both parties
- Standard of living established during the marriage
- Written agreements made by the parties before or during the marriage concerning the property division (Prenuptial or Post-nuptial Agreements)
- Economic circumstances of each party
- Income capacity of each party
- Educational background of both parties
- Training, employment skills, and work experience
- Length of absence from the job market
- Custodial responsibilities for the children
- Time and expense necessary to acquire the education or training that will enable the party to support themselves at a comparable standard of living
- Contribution by each party to the education or earning power of the other
- And more
Obtaining a Solid Understanding of NJ Equitable Distribution
It is imperative to have a true and accurate understanding of all the property division rights regarding your:
- Marital home
- Vacation or investment real estate property
- Personal possessions
- Business ownership interests
- 401K , 403B, and IRA accounts
- Pension plans
- Deferred compensation plans
- Profit sharing plans
- Inheritance assets
- Credit card debts
- And more
The New Jersey equitable distribution attorneys at Weinberger Law Group, LLC are experienced in handling even the most complex asset and debt distribution matters. Whether you are considering a divorce or are already engaged in the divorce process, you need an NJ equitable distribution attorney who will take the time to educate you about your rights and what to expect during the course of your divorce—so you are not caught off guard.
Please note that an asset and debt distribution agreement is also referred to as a property settlement agreement or a marital settlement agreement.
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