Yours, Mine And Ours: Property Division In New Jersey Divorce
Aside from issues related to children, property division can be one of the most complex and frustrating aspects of a divorce. It is often difficult for married spouses to disentangle themselves from one another after spending years commingling assets, expenses and property. Needless to say, property division is best accomplished with the help of an experienced family law attorney.
In Merchantville and surrounding areas, you can find the help you need at South Jersey Divorce Solutions. Our attorneys will take the time to understand your financial needs and goals, and we will help you pursue a settlement that provides security now and in the future.
How Is Property Divided In New Jersey?
Like most states, New Jersey follows the “equitable distribution” model of property division. This means that in divorce, marital assets/property and debts must be distributed equitably between spouses, which is not necessarily the same as equally. Judges can deviate from a 50-50 split after considering a range of factors, including the length of the marriage, each spouse’s earning capacity, each spouse’s age and physical health, and more.
The equitable distribution model applies to all marital property, which is, with few exceptions, property/assets acquired by either spouse during the marriage. Anything obtained before marriage is considered “separate property” and not subject to division.
This distinction is convenient in most circumstances, but there are times when a property should be reclassified (such as in same-sex divorces in which the couple lived together for years or decades before marriage became legal). If needed, we can help you present a compelling argument for reclassifying certain property as either marital or separate.
We Advocate Vigorously For Your Needs And Priorities
Every marital estate is unique, but divorces often tend to involve concerns over the same “big-ticket” items. They include:
- The marital residence
- Vacation homes, investment properties and any other real estate
- Retirement accounts, pensions and other retirement savings
- Motor vehicles (personal use and recreational)
- Stock portfolios and other investment assets
- A closely held business
- Expensive or rare home furnishings
- Heirloom items with sentimental value
Specific needs and concerns vary by person, but also by the circumstances surrounding the divorce. As just one example, consider retirement assets. This may not seem like a big deal to a couple divorcing in their 20s after just a few years of marriage. But they are crucial to couples getting divorced later in life.
Contact Us To Discuss Your Family Law Needs
The attorneys at South Jersey Divorce Solutions are ready to help you seek a property settlement that safeguards you and your children now and in the future. To learn more about what we can do for you, call us at 856-499-8061 or fill out our online contact form.
No aspect of this advertisement has been approved by the Supreme Court of New Jersey.