Equitable Distribution of Assets or Property Division During a Divorce or Separation in NJ
Equitable Distribution is the division of property when parties divorce. In the State of New Jersey, equitable distribution means a «fair» division. This means that the assets of the marriage are not automatically divided equally.
In most cases, property acquired by the parties, or either of them, during the marriage, are subject to equitable distribution. Before the assets can be divided, it must be determined what assets are subject to equitable distribution. For example, there are some assets acquired during the marriage which are not subject to equitable distribution. These include property acquired by either party before the marriage, and property either inherited or gifted to an individual during the marriage, as long as it is kept separate and not commingled with marital property.
Once the marital assets are identified, those assets will be valued. Some assets are easier to value than others. In some cases, it is necessary to retain an accountant or an appraiser to value a business or other business benefits.
Once the assets are identified and valued, the parties, with the help of their attorneys, our goal is work together to reach an agreement that is fair and equitable. In rare cases, when even with the help of their attorneys, or a mediator, the parties cannot agree on the division of assets, a Court will decide after a trial. Our goal at Lomberg Del Vescovo & Pollak is to help you resolve all of your issues in the most efficient, fair and expeditious manner possible.
If a Court has to decide on the division of assets during a divorce, they will consider the following, which are contained in the New Jersey Equitable Distribution Statute:
- The duration of the marriage;
- The age, physical and emotional health of the parties;
- The income or property brought to the marriage by each party;
- The standard of living during the marriage;
- Any written agreement made by the parties before or during the marriage concerning an arrangement of property division;
- The economic circumstances of each party at the time the division of property becomes effective, etc.
We would be happy to discuss your specific circumstances with you. Every situation is unique, and the list above is not exhaustive and is only intended to be an introduction on this topic.
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