When couples in New Jersey get divorced, they will have to handle a number of different matters before the divorce is finalized. One such matter is the division of assets. In New Jersey, like many other states, this is completed through the equitable distribution process. In a divorce, only marital property is divided. Therefore, prior to the equitable distribution process actually beginning, the couple will have to determine whether each asset is marital or separate property.
Marital property is anything that was acquired by the couple throughout the course of the marriage. Separate property is anything that either spouse owned prior to the marriage, with some exceptions. For example, if one spouse were to inherit a sum of money and keep it in a separate bank account, that will not be divided in the divorce.
There are many different factors considered in dividing assets if the court needs to step in and make decisions on behalf of the couple. Some of these include:
- The length of the marriage
- The amount each spouse contributed during the marriage
- The tax consequences each spouse will face
- The debts and liabilities of each spouse
- The age and health of each spouse
- The value of the assets
It is important that individuals facing divorce and the equitable distribution process retain the services of an experienced attorney who can represent his or her best interests. Contact our firm today for strong legal representation when it matters most.
If you require strong legal representation for matters of divorce and family law, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation today.