Equitable Distribution During a Divorce
What Is Equitable Distribution in New Jersey?
Equitable distribution is used by the courts in New Jersey to divide marital property. Couples can choose to distribute the property by themselves. The state uses a three-step process to divide property between two spouses.
Getting the Courts Involved
Many couples can come to an amicable conclusion with their property. In some cases, a mediator may be called to help find a fair solution. What happens, though, when your ex-spouse is unwilling to compromise when it comes to assets distribution? You need to find the divorce lawyer in New Jersey. An experienced attorney can help you reach an acceptable solution for all parties.
If you have decided to end your marriage, you might be looking for a quick settlement. However, some couples cannot agree on how to split up their belongings and property. If this is the case, you will have to get the courts involved. You and your ex will have to appear before a judge, and the judge will make the final decision. If you are looking for another way to resolve the issue, you can always hire an independent mediator or an experienced attorney. These negotiation practices may be better than heading back into court, and you might reach a decision that is favorable for both of you.
An Equal Split of Property?
In the state of New Jersey, any property that was acquired during the marriage is considered community property. In most divorce cases, the couple’s assets and liabilities are split down the middle. New Jersey uses a fair method of judgment to divide the property. In simple terms, all the liabilities and assets acquired during the marriage are divided through a process known as equitable distribution. You might think that you will be left with a 50/50 split of the assets. However, the assets are divided with the intent to leave each party with a somewhat equal share. Most of the time, the distribution of the assets will be around 50/50. In some cases, there are circumstances where one spouse may receive more than the other party.
Some Equitable Distribution Factors to Consider
The courts will take into consideration many factors as the assets are distributed. Some issues that may affect your case include:
- Contributions that each spouse made to the marriage, including child care and domestic responsibilities
- Length of the marriage
- Financial responsibilities and earning power of each spouse
- Contributions that one person made to his or her spouse’s personal career or educational opportunities
- Desirability of the spouse to retain an asset
- Contributions that each spouse made to the acquisition, enhancement, and production to both marital and nonmarital assets
Not All Property Is Subject to Equitable Distribution
Equitable distribution applies only to marital property, which is property that was acquired during the marriage. These assets may include a home, vacation property, investment property, or any outstanding debts acquired during the marriage. The nonmarital property, which are separate possessions that were acquired before the marriage, will stay with the acquiring spouse. In some cases, judges will look at the separate property, and they may grant more marital property to the other spouse. This ruling can happen if one spouse has more belongings than the other. If you are worried about the distribution of your marital property, you need to find one of the best divorce lawyers in New Jersey.
Seek Experienced Help During Your Divorce
Whether or not you and your spouse agree on how to divide your property, you will find it helpful to consult with a divorce attorney. You never want to sign papers without professional legal advice. The Law Offices of Kelly Berton Rocco is a family law firm that has experience in protecting the interests and rights of clients as they navigate the divorce process. Our experienced divorce attorneys can help you understand your rights and make the best decisions for you and your family. Contact our office in Hackensack at (201) 343-0078 for a consultation.
