Going through a divorce can be a trying time for any New Jersey resident. There are a litany of issues to address in the divorce process, including child support and child custody in many cases, as well as alimony. But, for many people, the most important part of the process will be property division.
So, what can New Jersey residents expect in the property division process with a divorce? Well, for starters, it is important to realize that there is more than just property at play in this process. Debt will be divided between the divorcing couple as well. And, since New Jersey is an “equitable division” state when it comes to property and debt division, that doesn’t always mean that each spouse will get exactly half of the property or half of the debt.
In New Jersey, couples can expect a court to divide property and debt according to what is “fair.” But, as many of our readers would probably guess, the idea of what is “fair” is likely to be very different for the two divorcing spouses. If the property and debt division process needs to play out through litigation in court, a person going through a divorce will need a persuasive argument indeed in order to attempt to get their version of “fair” ordered by the court.
There is an element of chance in the litigation approach to property division, which is why so many divorcing couples attempt to work out an agreement on this part of the process out-of-court. That way, even if they may not get every result that they want, at least they had a hand in the process.