Property Distribution Factors
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 (known as "marital property") 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.
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.
Need Help Sorting It All Out? Talk to Us. We Can Help.
A key to a good life after your divorce is having a sound financial foundation, so it is very important to ensure all the marital property is properly distributed and the non-marital property is not. We can help you do that. Call us, the property distribution attorneys at the Law Offices of Steven P. Monaghan, LLC. Contact us online or by calling locally (732) 624-6343 to schedule your free initial consultation.
*Equitable Distribution Statute, N.J.S.A. 2A: 34-23.1