Division of Assets in New Jersey
Reasonable Property Divisions that Uphold Your Financial Rights
In New Jersey, when a couple gets divorced, one of the big questions that a court must ascertain is how the marital property will be divided between the two parties. This process involves a lot of factors and considerations, but New Jersey is an “Equitable Division State.” That means that in all divorce cases and civil union cases, the court will do everything possible to make an equitable division or distribution of the property.
That equitable division of assets can become tricky. Determining equitable distribution involves weighing a lot of different factors, and balancing them to come to a fair decision. Christopher Leon Garibian, Esq. is experienced in helping those dealing with the division of assets phase in a divorce.
The factors that the Court will take into consideration when analyzing the division of assets in New Jersey are listed below:
- How long the marriage or Civil Union lasted;
- How old the parties are, as well as their physical (and emotional) health;
- The respective incomes and property of each party – what they brought to the marriage;
- The standard of living for each party during the marriage or civil union;
- Written agreements entered into by the parties during the marriage (or before the marriage) that detailed property distribution in the event of a divorce (AKA, prenuptial agreements);
- The financial and economic circumstances of each party when the assets are finally divided by the court;
- The earning potential and capacity of each party, as well as current income; including how long the parties have been absent from the job market, what their educational background is, what sort of training they have received, various employment skills, child support payments, and how long it would take (and how expensive it would be) to obtain the education and/or training necessary for the party to effectively self-support themselves at a similar standard of living as that enjoyed during the Civil Union or marriage;
- How much each party contributed to the earning power of the other, typically via helping them obtain the education or training necessary to reach their current level;
- How much each party contributed to the preservation, depreciation or appreciation, dissipation, or acquisition in the value or amount of the marital property (or the property acquired during the Civil Union). This includes each party’s respective contribution as a homemaker;
- How each party will be affected by the taxes imposed by any proposed division of assets;
- The current value of the marital property;
- The potential need of a party who has physical custody of a child to occupy (or own) the marital residence and to own or use the household effects (this includes residences shared by the partners of a Civil Union as well);
- Each party’s respective debts and liabilities;
- The potential need for the creation of a trust fund (or the future potential need) to cover reasonably foreseeable educational and/or medical costs for children, a spouse, or a partner in a Civil Union;
- How much each party deferred their career goals during the marriage or Civil Union; and
- Anything else the Court finds to be relevant to the division of assets.
Division of Assets in NJ
These factors are weighed and balanced by the court to achieve an equitable division of assets in New Jersey divorce cases. If you are involved in a divorce and would like help navigating the complex legal landscape of marital affairs, give Christopher Leon Garibian, Esq. a call for a FREE consultation. We can help protect your property and your rights.
- Marital Property
- What Happens to the House in a Divorce?
- What Happens to My Personal Belongings in a Divorce?
- Am I Entitled to Part of My Spouse’s Retirement Account?
- How is an Inheritance Treated in a Divorce?
- The Main Steps in the Divorce Process
- Can We Share the Same Home During a Divorce?
- Changing a Property Settlement Agreement