New Jersey Asset Division Lawyer

Assets and Equitable Distribution

New Jersey is an equitable distribution state. This means that all the assets, property, business ownership and debts that have been accumulated during your marriage are to be divided equitably and fairly, but not necessarily equally, with some certain exceptions.

New Jersey courts have defined marital property to be property acquired by either or both spouses from the date of marriage to the filing of the divorce. Property that a spouse owns prior to the marriage is not marital property, if it hasbeen kept separate from martial assets and not-comingled. Also, inheritances during the marriage are also exempt from distribution, provided the inherited property has not been co-mingled with marital assets.

The first step is determinign the assets and liabilities that are to be divided. It may take some detailed accounting and investigation to establish all the assets and their ownership all of which must be provided to the court for it to make its legal determination of the division.

Once the marital property is determined, it is not necessarily divided equally. The law requires the property be divided fairly. While this usually means an equal division of the marital assets, the Court is required to consider many factors under our law. In accordance with New Jersey's Equitable Distribution Statute, N.J.S.A. 2A: 34-23.1, courts will consider the following factors:

• The duration of the marriage;
• The age and physical and emotional health of the parties;
• The income of property brought to the marriage by each party;
• The standard of living established during the marriage;
• Any written agreement made during or before the marriage concerning property distribution;
• The economic circumstances of each party at the time of the division of property;
• The income and earning capacity of each party;
• The contribution of each party to the education, training or earning power of the other;
• The contribution of each party to the acquisition, dissipation, preservation appreciation or appreciation in the amount of the value of the marital property;
• The tax consequences of the proposed distribution in each party;
• The present value of the property;
• The need of the parent who has physical custody of a child to own or occupy the marital residence and to use or own the household;
• The debts and liabilities of parties;
• The need for creation, now in the future, a trust fund to secure reasonable medical educational costs for a spouse or a child; and
• Any other factors the Court may deem relevant.

We understand the stress and worry that going through a divorce entails. We are here to help protect your rights and represent your best interests. Our skilled financial forensic experts can help you prepare the documentation necessary to present to the court and we can also advise you on alternate ways to come to an equitable agreement with your partner. If it is not possible to reach an agreement directly with your spouse, before it has to go to a judge, you can also use us to negotiate directly with your spouse's attorney or you can use either mediation or arbitration to try reach an agreement.

You should speak to an experienced New Jersey divorce lawyer at The Office of Steven P. Monaghan to get a free consultation and to get your questions answered before you begin the process of asset division, including debt division and pension and retirement plans division.

Contact a New Jersey asset division lawyer for the expert and knowledgeable assistance you will need to reach a fair and equitable distribution of your martial assets.