For many, going through a divorce is an incredibly complex and emotional time. However, one of the most stressful matters for many revolves around the division of assets between spouses. When both parties feel entitled to certain assets, it can make dividing marital property complex. As such, it’s in your best interest to understand how New Jersey courts will divide property for a divorcing couple. In addition to learning how assets are split, you’ll discover why it’s imperative to connect with Somerset County property distribution attorneys who can help ensure you are protected during this process.
How Are Assets Split in New Jersey Divorce?
In general, you and your spouse should begin by trying to determine how you will divide your assets without court intervention, as this can save you time and money while giving you more control over the outcome of your divorce. However, this is not an option for all couples, especially those where abuse is present.
If you and your spouse cannot agree on how to divide these assets, the court will intervene and issue a decision. Though many assume that assets are split evenly during a divorce, this is not the case in New Jersey. New Jersey adheres to something called equitable distribution. Essentially, this means that your marital assets will be divided based on each spouse’s contribution to the marriage, rather than dividing assets evenly like a community property state.
It’s important to understand that the contributions are not solely financial. The courts will also consider domestic contributions as well. This is to help protect spouses who sacrifice their careers to raise a family while the other works.
You should also know that only assets deemed marital property are subject to distribution. If you have separate assets they will remain yours, unless they had been co-mingled with joint assets during your marriage.
What Should I Do if I Need Help With this Process?
Unfortunately, this process can be incredibly complex, especially if there are complicated assets in the mix. As such, it’s in your best interest to connect with an experienced attorney to explore your legal options during these matters. Not only can an attorney help you navigate the complexities of filing for divorce, but they can also fight to ensure you are fairly represented during this process.
At the Siragusa Law Firm, we understand how complicated these matters can be. That’s why our team is dedicated to helping you explore your legal options and fighting for the best possible outcome for your divorce. We can handle the legal matters of your case so you can focus on healing and moving to the next chapter of your life. Connect with our team today to learn more about this complex process.
