Community property division in New Jersey
On behalf of Barli & Associates LLC posted in divorce on Friday, September 8, 2017.
Most states use the legal theory of “equitable distribution” to divide the property owned by two spouses, and New Jersey is one of them. This concept means that all property acquired by either or spouse during marriage — with several important exceptions — will be divided in a reasonable and fair manner. Although this could result in a 50-50 asset division, it doesn’t have to as long as the division is fair.
Courts will generally decide how assets should be split by examining the following criteria:
How long did the marriage last?
What are the ages of each spouse?
What are the physical health and emotional health conditions of the spouses?
How much does each spouse earn in income?
What is the standard of living enjoyed by the spouses?
What economic circumstances do the spouses enjoy individually?
How much did both spouses contribute to the marital estate during the marriage, including the contribution and value that homemaker added through his or her services?
Other issues that the court feels are relevant to the decision.
Do you have questions about who should receive what following your divorce proceedings? You may want to reach out to a New Jersey divorce lawyer to determine the asset division rights you have in your marriage.
Depending on how much you’re likely to receive in your asset division process, you may want to make different decisions during your divorce process. For example, should accept your soon-to-be ex’s divorce settlement offer? Is the offer fair? Or, should resolve your asset division disagreement in New Jersey court? Our website has helpful information.