How Is Property Divided in a New Jersey Divorce?
Marlton is a family-friendly spot in Burlington County that is well-located and a great place to put down roots. If, however, you’re facing a divorce, you have important legal needs that should be addressed up front. One of the most important moves you can make in this situation is consulting with an experienced Marlton, NJ, divorce attorney at Weinberg, Kaplan, & Smith, P.A. early on.
New Jersey Law Requires Equitable Distribution of Marital Property
The State of New Jersey addresses the matter of property division in terms of equitable distribution. Marital property refers to everything that you, your spouse, or the two of you together came to own during your marriage. In the event of divorce, these assets must be divided between you fairly under the unique circumstances.
While property division can be 50/50, that is not always the case, which is a departure from some other states. In the course of dividing your marital property, a wide range of factors will be taken into careful consideration.
Separate Property
Separate property remains the sole property of the original owner. Anything that either of you brought into the marriage with you, received as a gift or inheritance in your name alone, or purchased with separate assets is classified as separate. It’s important to note, however, that these assets must be kept separate throughout the marriage, and any financial commingling can weaken their separate nature.
Factors that Affect Property Division
New Jersey courts have considerable discretion when it comes to determining the equitable division of marital assets in divorce. In the process, they take primary factors like the following into careful consideration:
- The length of the marriage
- Each spouse’s age and overall physical and emotional health
- The size of each spouse’s separate estate
- The standard of living achieved during the marriage
- Each spouse’s economic circumstances at the time of the divorce
- The couple’s overall debts and liabilities
- The contributions each spouse made to the marriage, including caring for the home and children
- The degree to which either spouse deferred their own earning power in support of the other’s
- The tax consequences of the proposed division
- Any fraud on the marital estate by either spouse, such as spending down, hiding, or giving away marital assets, in the buildup to divorce
The Utility of a Mediator with Respect to Property Division
Most divorcing couples prefer to resolve the matter of property division between themselves, rather than allowing a Judge to determine how their assets will be divided. When the matter goes to court, the judge has broad discretion, which can result in outcomes that feel unpredictable or less favorable to one or both parties.
With the guidance of experienced divorce attorneys, many couples are able to negotiate terms directly. Another effective option is mediation, where both parties and their legal counsel meet with a neutral mediator to work toward a mutually acceptable resolution. This approach allows the parties to have agency over the dissolution of their marriage and division of marital property.
An Experienced New Jersey Divorce Lawyer Can Help
The formidable New Jersey divorce attorneys at Weinberg, Kaplan, & Smith P.A. are well-equipped to help guide your case toward an optimal outcome that supports your parental and financial rights. Your divorce terms are important to your future, so please don’t wait to contact us online or give us a call at 856-795-9400 today.