There are many issues that may be in dispute in a New Jersey divorce. Child support, spousal support and child custody top the list. Still, there are other parts of a divorce that should be understood when the process gets underway. Property division can be a source of discord, and it is important to be aware of the state law as to how it is addressed.
Property distribution in a divorce hinges on several factors. When the couple is married, any property they accrue after the marriage is considered marital property. However, if a spouse acquired property before the marriage, it is separate property. While some states divide marital property 50-50, New Jersey does not use that template.
In New Jersey, the law calls for equitable distribution of property. The court will analyze the property and try to find a fair and reasonable way to divide it. It could be split in half, but it is not a requirement. Any property that the couple came in possession of after the marriage will be assessed for division. If there were gifts or inheritances, that will belong to the spouse it was given to.
The court will consider how long the couple was married, their age and health, income, if there are debts or liabilities, what the marital standard of living was, the economic situation of each party, how much each contributed to the household, the parties’ earning capacity, if there was a prenuptial agreement, and other factors. Property division can grow acrimonious. There could be a family home, automobiles, collectibles, a business and more. If there are concerns as to how property will be divided, having legal protection is a wise step. A firm experienced in family law might be able to help.