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?
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.
When in the midst of the property division that takes place after one files a New Jersey divorce, including a bed and board divorce, the couple must take the important but often difficult and contentious step of putting a value on their marital property.
One of the most difficult things to put a precise value on without just selling it is a piece of unique artwork. The fact that fine art is hard to value can present problems during the property division process following a divorce or a bed and board divorce. Incidentally, not being able to get an accurate value on one's art can also present issues for even happily married couples who are trying to manage their finances.