The process of divorce exists to separate two lives that were brought together over a period of time. As most people know, this is not an easy process. Spouses who are entering this situation often wonder what assets they are entitled to when it comes time to divide them between both parties. This can determine anything from who can keep the family home to how one spouse can continue to financially support themselves. When facing these situations, it is important to retain the services of an experienced New Jersey divorce attorney to learn more about the process going forward.
What is Litigation?
There are many cases in which spouses are unable to agree to the terms of their divorce on their own. This is known as a contested divorce. When this happens, the spouses may need the assistance of the court to make these decisions for them, thus causing them to enter litigation. Throughout this process, the couple’s assets will be subject to equitable distribution. This means the assets are fairly divided between the two parties.
In order for the court to decide which assets belong to whom, the court must consider different aspects of the marriage. This includes the financial situations of both spouses, if they have children together, and more. For example, if one spouse is financially dependent on the other, they may be awarded a larger portion of the assets in order to maintain stability. When dealing with this process, it can often leave spouses disappointed because they do not always receive the assets they would have wanted.
What Assets are Subject to Equitable Distribution?
Throughout life, people gather a variety of different assets. This may be before their marriage or during it. Often time, these assets are cherished greatly and people do not want to lose them. During litigation, the court decides which assets belong to whom based upon what is marital property and what is separate property. Marital property consists of assets that were acquired during the marriage while separate property is assets that were acquired before it. This can include a home, automobiles, bank accounts, etc. Couples who run a business together may need to consider the status of that as well. The court also factors in if alimony or child support payments are owed by one spouse. It is important for spouses to fight for the assets they are entitled to, which is why a skilled divorce attorney should be contacted for help during this time.
Contact our Firm
If you require strong legal representation for matters of divorce and family law in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.