Protecting Your Interests In Asset Division
In New Jersey, asset division is described as “equitable distribution,” which is the pursuit of what is fair as opposed to exactly equal. The court recognizes that division of real estate, investments, retirement assets and personal property are all circumstances of each party’s individual goals and interests. As a result, pure financial equity is not always the optimal outcome in divorce agreements.
It is typically in your best interests to work out these details cooperatively. Judges in court do not always understand each individual’s unique objectives, but sometimes cooperation is not an option. Our attorneys make sure your voice is heard in these proceedings, and we arrive at an agreement that addresses your immediate needs as well as your long-term concerns.
We do our best to find opportunities for our clients to secure the assets that are most important to them and assure they walk away with a stable financial outlook. If settlement negotiation is not possible, we rigorously pursue results in court, where the law dictates assets be divided with consideration for:
- How long the marriage lasted
- Each party’s age and health
- Each individual’s income and property prior to the marriage
- Each individual’s debts and liabilities both prior to or within the marriage
- Premarital agreements that outline property division issues
- The current value of the property in dispute
- The tax implications of distributing this property to either party
- Economic circumstances when the property division agreements take effect
- Job skills, employability, earning potential, and the job market availability for each party
- Each party’s contributions to property gained during the marriage (i.e., in supporting a spouse’s educational and career pursuits or in providing for home-based child care, thereby sacrificing one’s own job standing)
How do we handle asset division if one of us wants to retain ownership of the family home or family business?
Couples do not always want to liquidate assets and split the money. Some items are precious or uniquely valuable to one person as opposed to another.
These are all issues you need to discuss with the lawyer who represents you to make sure they are addressed in divorce proceedings. Our firm can help you deal with business valuation and other complex property division concerns.