When couples decide to end their marriage, one of the most frequently contested matters is the division of assets. While some couples can distribute their assets by coming to an agreement outside of court, others cannot agree to property distribution issues and require the court’s assistance. The laws governing property division in divorce vary from state to state. As such, it’s crucial to understand how New Jersey courts divide marital property for a divorcing couple. Please continue reading to learn whether assets are split evenly and how our trusted Monmouth County Division of Asset Attorneys can help protect you during this complex legal process.
Are Assets Split Evenly in a New Jersey Divorce?
If you and your spouse cannot agree on how to divide your marital assets, the court will intervene and issue a decision. While many assume that assets are split evenly during a divorce, this is not true in New Jersey.
New Jersey is an equitable distribution state. This means that marital property is not automatically split 50/50 in the event of a divorce. Instead, equitable distribution requires the division of marital assets in a fair and equitable manner but not necessarily equal. Essentially, a judge will decide what’s fair under the unique circumstances of each case, evaluating each party’s contributions to the marriage.
It’s important to note that contributions to the marriage are not limited to financial efforts. The court will also consider domestic contributions, such as whether one party sacrificed their career to raise their children while the other works.
What is Marital Property?
Moreover, it’s essential to understand that only marital property assets will be subject to equitable distribution during a divorce. Under New Jersey law, marital property includes any assets that either or both spouses acquired during the marriage. This means any assets accumulated during the marriage are at stake during property distribution.
However, assets deemed separate property are not subject to equitable distribution. Separate property includes any assets that spouses acquired before they married and after one of them filed for divorce. Essentially, separate assets will remain yours unless they are considered co-mingled. If they are co-mingled with joint assets during the marriage, they may be subject to equitable distribution.
What Should I Do If I Need Help?
As you can see, the distribution of property can be a complicated process, especially when complex assets are involved. Therefore, seeking the legal assistance of an experienced Monmouth County Division of Assets attorney is advisable when considering your legal options. Our legal team at Paone Zaleski & Murphy is prepared to help you fight for the best possible outcome. Please don’t hesitate to contact our team today to discuss how we can assist you.