DISTRIBUTION OF ASSETS IN SOUTH JERSEY
South Jersey Divorce Attorneys
New Jersey is an equitable distribution state, and “equitable distribution” in New Jersey is based on circumstance rather than equal division (50-/50). Circumstances that are considered by the court when determining asset division include real estate, investments, retirement assets, and business and personal property. Each party’s interests will vary; in order to reach a fair divorce agreement, financial equity must be obtained.
It is important that you work with a South Jersey divorce lawyer to help you protect your assets or your right to your fair share of your spouse’s assets. We understand how controversial issues regarding assets and properties can be during a divorce, and we work hard to help you come up with amicable solutions to even the most contentious disputes.
Deciding Property Distribution
Before dividing a couple’s property, the court will consider the following:
- The length of the marriage
- Each spouse’s age and physical / emotional health
- Any income or property brought into a marriage by either spouse
- The marital standard of living
- Any prenuptial or postnuptial agreements
- Each spouse’s economic circumstances
- The current economic circumstances
- Each spouse’s income and earning capacity
- Whether either spouse delayed pursuing career goals during the marriage
- The present value of all property
- The tax consequences of distribution
- Each spouse’s debts and liabilities
- Contributions to acquire, preserve, improve or waste the marital property
- Contributions made to the education or earning capacity of the other spouse
In the event that one spouse wasted marital assets by misusing property, a judge may assign the other spouse a larger part of the remaining assets. Or if one spouse’s behavior was “egregious,” a judge can also assign more assets to the other spouse.
When it comes to debts, courts usually divide debts equally, unless one spouse is solely responsible for the debt, receives the entire benefit of the debt or is better able to pay for the debt.
Property Division – How it Works
You can either negotiate your own property division with your spouse, or a judge will make the decision. In most cases, it is in your best interest to resolve all the details amicably. The court will be more limited in how it will divide the assets. Judges are given limited information and cannot fully understand your needs.
To negotiate your own division, you will need to identify all of the marital property, determine the value of the marital property and distribute the property (this includes selling the marital home and dividing the proceeds, etc.). Our experienced team of South Jersey family law attorneys at Burnham Law Group, LLC, know how to approach each case to make sure that you keep what you are entitled to receive.
Our offices are conveniently located in Marlton and Somers Point, New Jersey and we serve clients throughout South Jersey including but not limited to the communities of Cherry Hill, Medford, Moorestown, Mt. Laurel, Princeton and Voorhees.