When going through a divorce, one of the most contentious issues couples will face is the division of their assets. In many instances, when a couple is unable to reach an agreement on these matters, the court will intervene. As such, understanding how property is divided during a New Jersey divorce is imperative to protecting your best interests. The following blog and Morris County property division lawyers can help you explore your legal options to fight for the best possible outcome for your circumstances.
What Property Is Subject to Division During a New Jersey Divorce?
When you and your spouse file for divorce, it’s important to understand what you can expect in regards to what property will be divided. In general, only assets deemed marital property are subject to division. Essentially, marital property includes any asset obtained during the course of your marriage, such as real estate, income, contributions to retirement accounts, and
Separate property, as the name suggests, is any asset that will remain yours during the divorce. Typically, you’ll find that this is limited to assets owned prior to the marriage or obtained after the divorce.
It’s critical to understand that there are exceptions to both marital and separate property. If you have a separate asset and co-mingle it with marital property, it can then become marital property. For example, if you purchased a second home prior to your marriage but use funds from a joint bank account to pay for a renovation to the property, it can then become marital property and thus will be subject to division. In general, if you receive an inheritance or other gift during your divorce, so long as you keep it separate from other marital assets, it will remain separate property.
How Is Marital Property Divided?
New Jersey adheres to the equitable distribution method of dividing marital assets during a divorce. Essentially, this means that rather than automatically dividing assets evenly between the spouses, the court will divide them based on what is fair. In some instances, this can be an equal division of assets, but it may also favor one spouse.
The court will consider a number of important factors when determining how to divide assets between spouses. One of the most critical factors, however, is the contributions made to the marriage by each spouse. It’s important to understand that this includes both financially and domestically. This helps protect parties who sacrifice their careers to stay home and support the other or raise children. Additionally, the courts will consider the assets purchased, maintained, and appreciated by the efforts of each spouse. For example, if your spouse purchased a second vacation home, but you heavily contributed to the maintenance and upkeep of the property, the courts would take that into consideration when determining how to divide this asset.
As you can see, there are a considerable number of factors that determine how assets are split. That is why it’s in your best interest to connect with an experienced attorney to help you fight for the best possible outcome during these difficult matters. At Leslie Law Firm, we understand how overwhelming these matters can be to navigate, which is why we will do everything in our power to help you during these complicated times. When you need assistance, contact our firm today to learn more.
