Monmouth County Property Distribution Attorney
Taking Decisive Action on Property Distribution Matters in Red Bank, NJ
When you choose our Monmouth County divorce attorneys at the Law Office of Steven P. Monaghan, LLC to resolve your divorce and address asset division in Red Bank, you will have the power of a certified marriage attorney on your side. Founder Steven Monaghan is certified by the Supreme Court of New Jersey as a matrimonial law attorney. This is a special designation granted only to those who fully understand the nuances of family law.
Understanding How Property Is Divided in New Jersey
Property falls into two categories: separate property and marital property.
Property that a spouse owns prior to the marriage is separate property, provided it has not been co-mingled with marital property. Inheritances received during the marriage are also considered separate property.
The vast majority of assets accumulated during the marriage are considered marital property and subject to the rules of equitable distribution.
Equitable distribution means fair distribution, but not necessarily equal distribution. In some cases, assets may be divided in half. In others, a different balance may be reached.
Property Distribution Factors
Property distribution factors considered in the process include:
- The length of the marriage
- The age and health of the spouses
- The income and earning capacity of the spouses
- The standard of living established during the marriage
What Is Not Considered Marital Property
Provided they have not been co-mingled with marital assets, some property that is not considered marital property includes:
- Property that a spouse owns prior to the marriage
- Inheritances during the marriage
To make sure your property is correctly divided between marital and non-marital property, talk to one of the experienced property distribution lawyers at the Law Offices of Steven P. Monaghan, LLC. We have over 60 years of combined experience and are more than happy to speak with you regarding your situation. Call (732) 624-6343 to arrange for your free initial consultation.
Dividing the Marital Property
Once the marital property is determined, it is not necessarily divided equally. The law requires the property to be divided fairly. While this usually means an equal division of the marital assets, the court is required to consider many factors under New Jersey law*, such as the following:
- Duration of the marriage
- Age and physical and emotional health of the parties
- Income of property brought to the marriage by each party
- Standard of living established during the marriage
- Any written agreement made during or before the marriage concerning property distribution
- Economic circumstances of each party at the time of the division of property
- Income and earning capacity of each party
- Contribution of each party to the education, training or earning power of the other
- Contribution of each party to the acquisition, dissipation, preservation appreciation or appreciation in the amount of the value of the marital property
- Tax consequences of the proposed distribution in each party
- Present value of the property
- 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
- Debts and liabilities of parties
- Need for creation, now or in the future, of a trust fund to secure reasonable medical or educational costs for a spouse or a child
- Any other factors the court may deem relevant
To have a good sense of what the court may or may not do in a particular situation requires an attorney experienced in property distribution.
With over 60 years of combined experience, our attorneys in Red Bank have what it takes to deal with all types of property distribution issues. We also have the skill to deal with the more uncommon issues, including those that come with high-asset divorce cases. We can address typical concerns, like the family home and car, as well as retirement plans and pension division, and dividing business interests, which requires that close attention be paid to the issue of business valuation.
Contact Us for a Free Initial Consultation
Call our Monmouth County property distribution lawyers at (732) 624-6343 today! We serve Red Bank and the surrounding areas.
*Equitable Distribution Statute, N.J.S.A. 2A: 34-23.1
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