Morris County Property Division Lawyers

The division of property is a central issue in any divorce case. Assets acquired during the marriage are almost always marital assets, meaning that each party will receive his or her equitable share. This is true even in cases where one person did not directly contribute, such as when a court divides a spouse’s pension or 401(k). You’ve worked for years to help build and contribute to the marital estate. The property division lawyers here at Leslie Law Firm are here to assure you that you will receive your share of the assets without undue expense.

What is Equitable Distribution?

In New Jersey, the division of marital property follows the principle of equitable distribution, meaning that assets and debts are divided fairly–but not necessarily equally. Unlike community property states, where assets are typically split 50/50, New Jersey courts assess multiple factors to determine a fair distribution. Marital property includes most assets acquired during the marriage, regardless of whose name is on the title. This can include real estate, retirement accounts, investment portfolios, businesses, and even personal property.

It is important to note that equitable distribution does not apply to separate property–assets acquired before the marriage or through inheritance or gifts specifically given to one spouse. However, if separate assets were commingled with marital property or used for joint benefit, they may be subject to division.

How Do Courts Decide on Property Division in NJ?

New Jersey courts consider a range of statutory factors when determining how to divide marital assets fairly. Some of the most significant factors include:

• Duration of the marriage: Longer marriages often result in more intertwined financial situations, which can affect division.
• Income and earning potential of each spouse: Courts assess whether one spouse significantly out-earned the other and if adjustments are needed for fairness.
• Standard of living during the marriage: The goal is to ensure both parties can maintain a lifestyle reasonably comparable to what they had during the marriage.
• Contributions to the marriage: This includes financial contributions, homemaking, and child-rearing efforts. Even if one spouse was a stay-at-home parent, their contributions hold significant weight.
• Age and health of each spouse: If one party has significant medical expenses or is nearing retirement, the court may adjust the division accordingly.
• Prenuptial or postnuptial agreements: If a valid agreement exists, the court will generally honor it unless it is deemed unfair or unenforceable.
• Debts and liabilities: Just like assets, debts accrued during the marriage are also subject to equitable distribution.
  Future financial needs: If one spouse will need ongoing financial support, that can impact how assets are divided.

How Can I Protect My Property from a Divorce?

Taking proactive steps before and during a marriage can help safeguard your assets in the event of a divorce. Some key strategies include:

• Prenuptial and Postnuptial Agreements: A well-drafted prenuptial (before marriage) or postnuptial (during marriage) agreement can outline how assets will be divided, helping to prevent disputes later.
• Keeping Property Separate: Assets acquired before marriage or through inheritance should be kept in your name alone and not mixed with marital funds to avoid commingling.
• Maintaining Accurate Financial Records: Documentation is crucial in proving which assets are separate property versus marital property.
• Creating Trusts or Business Entities: Placing certain assets, such as business interests, in a trust or LLC may offer additional protection against division.
• Being Cautious with Joint Accounts: Avoiding joint accounts or co-signing loans can prevent your spouse from having claims over certain financial assets.
• Negotiating Settlement Agreements: In some cases, working out a fair agreement with the help of an attorney is the best way to protect assets while avoiding costly litigation.

Contact Our Morristown, NJ Property Division Lawyers

If you need a team of family lawyers who stand ready to fight for your hard-earned assets, look no further than Leslie Law Firm. Our property division lawyers have successfully represented countless clients during the divorce process for decades, and we’re here to put that experience to work for you as well. Contact Leslie Law Firm for an initial consultation today.