DISTRIBUTION OF MARITAL PROPERTY

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EQUITABLE DISTRIBUTION OF MARITAL ASSETS

New Jersey Statute and Case Law provide for distributing all assets and liabilities acquired during the marriage. This requires a division of marital assets based on 15 different factors, including the duration of the marriage, the age of the parties, the income and earning capacity of each party.

The filing date of the Complaint for Divorce is the cut-off date for equitable distribution. Closely held assets may be valued as of the date of the Complaint, but assets that fluctuate in value may be valued on a date agreed upon by the parties or as of the date of distribution. Suppose the parties cannot agree on the value of the assets. In that case, appraisals for real estate, business valuations, artwork, retirement accounts, annuities, pensions, or other non-cash based accounts, will need to be established. Likewise, all debts consisting of mortgages, credit cards, promissory notes and other financial obligations will need to be established. Marital property does not include premarital property that is not commingled, gifts from third parties, inheritances and damages for personal injury awards.

Determining the marital assets to be divided and their value is required to agree on a distribution of these assets by the parties. If you and your spouse cannot agree on each asset’s value or how the property will be divided, then the Court will determine the property’s distribution or how the property will be disposed of.

Based upon your respective circumstances, negotiating a division of the marital assets based on your individual needs and interests may be preferable to a Court’s ruling.

At Lomberg Del Vescovo & Pollak, LLC we will assist you in

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