Cranford NJ Division of Assets Attorney
Perhaps one of the most significant components of any divorce is the division of assets, with an important distinction to be made between “marital property,” meaning assets acquired during the marriage, and “separate property,” which refers to assets that you may have acquired prior to the marriage or after divorce proceedings were initiated. Understanding the different forms of property that may be considered during the division of assets and the factors to be weighed during these determinations is critical to ensuring that you receive the property to which you may be entitled during and after your divorce. Having an experienced and knowledgeable divorce attorney to evaluate your case and advocate on your behalf is essential during these often contentious proceedings. Attorney Edward S. Cooper has been assisting clients with a broad range of divorce-related issues in and around Union County for a quarter of a century. He is dedicated to providing unparalleled client service, consistent communication, and informed decision-making. To discuss your case with Mr. Cooper, contact him at 908-481-4625.
Division of Assets in New Jersey
New Jersey abides by the principles of equitable distribution when addressing the division of assets in divorce matters. Essentially, this means that the assets and debts acquired during a marriage are classified as “marital property,” assigned to both spouses regardless of the name on the title of the property itself. It is important to note that equitable distribution refers to the fair division of assets, but not necessarily the equal distribution of marital property.
As mentioned previously, there is a significant distinction between marital property, which is acquired during the marriage, and separate property, which is acquired prior to or after the marriage. These categorizations are extremely important, as you are entitled to maintain all of your separate property, but must equitably divide all of your marital property during a divorce.
Notably, marital property can encompass a host of financial considerations including: the marital home and any other real estate holdings; personal property such as paintings, jewelry, and automobiles; and intangible property such as income, stocks, bonds, retirement accounts, mortgages, other loans, and debts.
Factors Considered in New Jersey Property Divisions
In order to determine a fair and equitable distribution of assets during New Jersey divorce proceedings, the court will consider a myriad of factors, including:
- the length of the marriage
- the age and physical health of each spouse
- the property and income that each spouse brought to the marriage
- the standard of living established during the marriage
- any property distribution agreement, such as a premarital or prenuptial agreement
- the spouses’ respective economic circumstances when the property division occurs
- each spouse’s income and earning capacity, including education, experience, length of absence from employment, time and expense necessary to re-enter the work force, the child custody arrangement and associated responsibilities
- the contribution of each spouse to the education, training, or earning power of the other spouse
- the contribution of each spouse to the acquisition or dissipation of marital property, including the contribution of a homemaker
- the tax consequences of the proposed division for each spouse
- the present value of property
- the necessity of the custodial parent to occupy the family home
- the debts and liabilities of each party
- the necessity of a trust fund to cover the costs of reasonably foreseeable medical or educational expenses of a spouse or children
- any other factors that may be considered relevant.
These factors may be given equal weight or may be subscribed different values during property division assessments. Any specific determinations must be explained in writing by the court if one or more factors are weighed more heavily than the others.
Contact a Roselle Park NJ Division of Assets Lawyer Today
To speak with Attorney Edward S. Cooper today, contact his offices at 908-481-4625. Mr. Cooper will always provide initial consultations at no cost to you and is happy to answer all of your questions.