New Jersey is an equitable distribution state, meaning that during divorce, marital assets and debts are divided between spouses fairly, but not necessarily equally. To carry out equitable distribution, the courts evaluate all types of assets differently and look at factors such as each spouse’s contribution to the marital asset. Retirement accounts, such as 401k accounts, however, are a special animal and are subject to particular rules when divided as marital property in a divorce proceeding. What can you expect when dividing this account in your divorce? Read more
Tag Archive for: equitable distribution
An ex-wife in a brief 14-month marriage is demanding a share of the $2.5 million work bonus paid to her ex-husband. Job or work bonuses are often subject to division in divorce, but what makes this former spouse’s claim unique is that she is asking for an award based on the length of their marriage and the time prior to that when she and her husband dated and cohabited.
Two lower courts have said “no” to her request, affirming that equitable distribution of any property, including salary bonuses, should be based upon the length of the actual marriage only. The ex-wife was awarded 30K by the courts as an amount commensurate with the short duration of her marriage. However, she believes that she is entitled to approximately $200,000 and has appealed these prior rulings to the New Jersey Supreme Court.
Does she have a case?
As we mark the 1-year anniversary of marriage equality in the United States, it’s a good time time to take a look at the state of LGBT divorce. Just like straight couples, some LGBT couples may ultimately decide to end their marriage in divorce. Given past difficulties with the law, however, many LGBT couples who plan to file for divorce may find themselves wondering if the well-established family laws apply to them and their marriage just as they have applied to straight marriages for hundreds of years. Read more
When owners of family or closely held businesses divorce, they may wonder whether or not they are going to have to divide their business as part of asset division, and if so, what exactly that might mean for their financial future. A “closely held” business is either family-owned or has shares owned by a small group of investors. If you are one of these family business or small business owners, what divorce options do you have? Read more
In our last installment of our ongoing case study series, we saw how the Marriage Early Settlement Panel (MESP) made recommendations for property distribution in Robert and Sharon’s divorce case, filed in New Jersey family court. Today we will look at how the distribution process might work in private divorce mediation. Read more
Have a question about divorce, child custody, child support, alimony, marital assets, prenuptial agreements, or any other family law-related matter? On the first Tuesday of each month, Weinberger Divorce & Family Law Group, LLC invites you to attend Family Law Tuesday, a live Q&A session hosted on our WLG Facebook page. Read more
One of the biggest pitfalls of asking friends and family for divorce advice? Unless they are a divorce attorney, these well-meaning people may end up passing along common divorce myths and misconceptions that can set you up to make mistakes.
Which myths could you unknowingly be falling for? Here’s a look at four main divorce misconceptions. Read more
Last week, it was announced that Shellie Zimmerman, wife of George Zimmerman, the Florida homeowner who was acquitted of murder in the Trayvon Martin trial, has filed for divorce. What’s the latest? Read more
When you divorce in New Jersey, it’s the state’s equitable distribution law that lays the basis for how a couple’s property is to be divided. Under New Jersey equitable distribution, property is classified as belonging to one of two categories, either it’s marital property, which is property considered owned by both you and your spouse; or it’s separate or non-marital property, which means it is something considered to belong to you or your spouse individually.
How can tell the difference between the two? Here are 10 quick and general guidelines for helping to determine whether the asset — or debt! — is marital or separate/non-marital property. Read more
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