There's no doubt that the property division process can shape your post-divorce life. Depending on the outcome of the process, you can be left feeling like you got a fair shake out of your marriage dissolution or you end up feeling cheated. There are many things you can do to better ensure that you achieve an equitable distribution of marital assets, though, which we'll touch on briefly here.
Many New Jersey families build a lifetime of memories in their familial home. This can make it difficult to part ways with the residence when a divorce occurs, especially when children are involved because one or both parents may be concerned about how a move will affect the children's well-being. Therefore, oftentimes, the parties to a divorce will fight over who will keep the home, usually due to their sentimental ties to it. But does it always make sense to fight for the family residence during the property division process? Maybe not.
Marriage isn't a one-size fits all arrangement. These relationships can take various forms, and what works for one Marlton couple may not work for another. That is why the relational expectations and the way finances are handled may differ significantly between baby boomer and millennial couples. One study highlights those differences. It found that many millennial couples are ditching jointly held bank accounts in favor of individual accounts.
When some people think about the property division part of a divorce case, they think of splitting everything they own "50/50" with their soon-to-be ex-spouse. However, in New Jersey, that isn't always exactly how things end up. In family courts in New Jersey, the standard for property division is an "equitable distribution" of assets, as well as debts. That means that the court will be look for a fair result, not necessarily an even split.
In New Jersey, as in the rest of the country, it seems that the vast majority of parents - both mothers and fathers - are in the workforce earning an income. However, approximately 25% of mothers stay at home to take care of their children while their spouse works to earn an income. For men, 7% stay at home with the situation reversed. When the marriages between these spouses breakdown, how does the "stay-at-home" aspect of the parenting and marriage work out in the property division process? As it turns out, not well.
Although divorcing spouses oftentimes work together during the legal process to divide assets in a fair manner, there are times when a unique asset can cause friction, even when the spouses are negotiating amicably. Business assets, particularly a family business, can be difficult to approach in the property division part of a divorce case. But, there are options for soon-to-be ex-spouses to consider when it comes to a family business and the impact on that business in a divorce.
When New Jersey residents get stressed out during the property division part of their divorce cases, it is understandable. After all, many married couples spend years - even decades - accumulating wealth together. To have a divorce case implement the necessity of dividing all of those assets can be a difficult thing for anyone to go through. To make things even more complicated, there are a wide variety of factors that can come into play during the property division process - unless the couple can reach an out-of-court agreement.
Throughout the course of a marriage most couples in New Jersey will accumulate quite a few assets. Some of the most valuable assets can include the family home, vehicles, retirement accounts and even valuable personal property, such as artwork. When a marriage ends in divorce, these assets can become the focus of the case through the property division process.
Most people have more assets than they realize. This is especially true for married couples. Throughout the course of a marriage, couples will accumulate real estate, vehicles, retirement accounts and valuable personal property, just to name a few examples. When a marriage turns toward a divorce, couples in New Jersey must consider all of their assets in the property division process of the case.
As previous posts here have mentioned, there are quite a number of potential issues to prepare to address in a divorce case. But, for many people, besides the issues that deal with their children, the main concern is property division. So, what can you do to be prepared to talk about property division options in your divorce case?