Dividing Marital Property in New Jersey
When you are going through a divorce, dividing marital assets and debt can be an extremely emotional, challenging process. On the one hand, you want to make sure that your rights are protected. On the other hand, your emotions may be clouding your ability to make good decisions.
An experienced attorney can help you focus on what’s most important in your specific situation, help you see the big picture, create a sound strategy for a good outcome, and provide reassurance at every stage of a divorce.
In New Jersey, marital assets are divided equitably, not equally. This means that your assets and your debt will be fairly divided between you and your spouse. Typically, all property and debt that was acquired during the marriage will become martial property, with some exceptions, including an inheritance or gifts that were designated to just one spouse.
Equitable Division Includes Assets and Debt
Equitable division in New Jersey will include valuing and then fairly dividing assets such as homes, businesses established during the marriage, and other property, as well as any liabilities, including marital debt. IRAs and pensions gained during the marriage will also be considered as marital assets to be divided.
Additional factors that may affect a property and debt division settlement can include:
Education of both spouses
Age of both spouses at time of divorce
Ability of both spouses to earn a living
Ability of both spouses to maintain the standard of living that was the standard during the marriage
Child-rearing costs of the custodial parent
Costs of a special needs child
Spousal sacrifice of career to support the other spouse
Spousal sacrifice to stay at home with the children
Contribution of one spouse to the other spouse’s business that was established pre-marriage
Contact an Experienced Marital Property Division Lawyer in New Jersey
To discuss your concerns and goals and gain a good understanding of your options involving marriage property and debt division in southern New Jersey, talk with an experienced family law attorney at Taylor and Boguski, in Mount Laurel, NJ. Please call 800-404-5299 or 856-234-2233 or contact us online.