Distribution of Assets
Property Division Lawyers in New Jersey
New Jersey is an equitable distribution state, which is based on circumstance rather than equal division (50/50). When determining asset division, the court will consider real estate, investments, retirement assets, business property, and personal property. Because each party’s interests will vary, in order to reach a fair divorce agreement, financial equity must be obtained.
Given the state’s equitable distribution law, it is important that you work with a New Jersey lawyer to help you protect your assets, or your right to your fair share of your spouse’s assets, in a divorce. We understand how controversial issues regarding assets and properties can be during a divorce, and we work hard to help you reach amicable solutions to even the most contentious disputes.
Deciding Property Distribution
Before ruling on the division of property in a divorce, the court will consider all of the following as they pertain to your case:
- 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 them 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.
How Property Division Works in a Divorce
You can either negotiate your own property division with your spouse, or a judge will make the decision on your behalf if you and your spouse cannot amicably reach an agreement on your own. 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 New Jersey property division lawyers at Burnham Douglass Attorneys at Law knows how to approach asset distribution cases in a way that ensures you can safely secure the personal properties rightfully entitled to you.
Our offices are conveniently located in Marlton and Northfield, 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.
We want to help you protect your property in a divorce. To get started, give us a call at 856-751-5505 or contact us online. Our convenient office hours include same-day appointments, video consultations, and after-hours and weekend appointments.