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Property Division in Newark

Depending on the state where your divorce takes place, there are various ways that property division can occur. In New Jersey, equitable distribution is used and this will mean that the property a couple has will be divided fairly but not necessarily equally. Whereas community property states may view property as 50/50, in equitable distribution states there will be more details that the court considers when making their decision.

In New Jersey, assets that are gained by the couple are considered marital property. This can be by either, or both parties and it can also include debt. A couple has the option of negotiating the division of their property together or through the use of a mediator. If they are unable to do this together, the case will be turned over to the court. The court will review many factors including

  • The income each spouse brought to the marriage
  • Their economic situation
  • The value of assets
  • If there are written agreements specifying terms
  • How long the marriage lasted

During the process of property division, marital property will need to be identified and assessed. Martial property will include what either party gained during the marriage, but it will exclude any personal gifts or inheritance given to one of the parties. It will also exclude assets that they gained prior to the marriage. Assets that were originally not included in marital property can become mingled, when a couple shares an account and uses the money to pay for something such as a mortgage. This can make it challenging to figure out what amount should be considered separate property.

The value of assets should be found so that the division can be done equally. The fair market value will typically be used as a rule of thumb to determine what the amount of assets would be if sold at the time. Once marital assets have been gathered and the value determined, they are then ready to be distributed. If you are going through a divorce, gain the representation of Newark divorce attorneys with over 60 years of experience.

Categories: Divorce & Family Law

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