Protecting Property Interests in New Jersey Divorce
While the division of marital assets and liabilities in a divorce case can present real problems for many people, the property issues are usually highly negotiable and their resolutions subject to considerable flexibility. To achieve your goals on property division matters, it helps to work with an experienced attorney. Contact the law firm of Taylor & Boguski, LLC , in Mount Laurel to learn more about your legal and practical options.
New Jersey is an equitable distribution state, which means that the court will be more interested in a fair division of marital property than a strictly equal one. Nevertheless, it is usually a good idea to assume a 50-50 split as the starting point for your property division negotiations. If an uneven division makes sense in your situation, you should be prepared to justify it with strong arguments.
Identifying the Composition and Value of the Marital Property
Before getting into the particulars of a property division proposal, it is essential to obtain an accurate understanding of the extent and value of the marital estate. One of the first things our attorneys need at the beginning of a divorce case is an inventory of marital assets and debts so that we can develop a sound idea of asset valuations and any differences of opinion between spouses as to what is included in marital property or what it is worth.
As a general rule, any property or indebtedness acquired during the marriage is a marital asset or liability. There are a few exceptions, such as property acquired by gift or inheritance. Sometimes a spouse’s separate property can become commingled with marital property so that it loses its separate character.
When marital income is used to pay down one spouse’s separate debt from before the marriage, or if marital assets are transferred without a spouse’s knowledge, identifying the extent of the marital property can become complicated. Our attorneys can advise you about the best steps to take in any situation in which you anticipate a dispute about the composition or value of the property to be divided.
Resolving Property Issues in Combination with Alimony
Spousal support or alimony is no longer routinely awarded in New Jersey divorces, but there are still situations in which a spouse with a regular income will be expected to support a financially weaker spouse for a limited or even indefinite period. In those situations, it is common to negotiate property division and alimony issues together, and concessions of one can often lead to benefits of the other. We encourage clients to keep in mind that a practical approach to property division can accomplish a great deal toward reducing the expense and stress of divorce.
If an acceptable compromise on property and debt division issues cannot be reached, our experience with divorce litigation and the proof of contested facts in court can represent a significant benefit for our clients. Our willingness to take a disputed matter before a judge whenever it is in our client’s interest to do so can represent an important source of bargaining leverage.
Call 856-234-2233 or 800-404-5299 for Advice about Property Division
For further information about the best way to approach the property and debt division issues that are likely to come up in your divorce, contact Taylor & Boguski in Mount Laurel.
The lawyers at Taylor & Boguski represent clients throughout South Jersey including the townships of Mount Laurel, Cherry Hill, Mt. Holly, Burlington, Gloucester, Camden, Moorestown, Medford, Voorhees, Haddonfield, Marlton, and Evesham, and the counties of Burlington, Gloucester, Mercer, and Camden.