The process of ending a marriage can naturally be confusing and emotionally challenging. This is true even those who have been married for just a few years versus a few decades. One particular area of divorce that often sparks contention in New Jersey is property division.
New Jersey is considered an equitable distribution state. This means that marital property will be divided in an equitable, for fair, manner during a divorce proceeding. Marital property refers to any property acquired in the course of the marriage.
The court in New Jersey will determine what marital property is and what it is not in the case of a divorcing couple so that both spouses receive fair shares. A division that is equitable might not necessarily mean one that is equal, as the court might try to award property value to both spouses in a balanced way. Thus, if giving a spouse a bigger share than the other one receives would be fair, the court may decide to do this.
When dividing property in divorce, the court will consider multiple factors, including other assets, the health of both parties, their ages, their earning capacities and their conduct. Unfortunately, the judge may ultimately make a determination that is not in alignment with one’s wishes. However, if both parties can find common ground and are willing to work together amicably, they may be able to address property division at the negotiation table, thus avoiding further court intrusion. In either scenario, an attorney in New Jersey can help with pursuing a personally favorable outcome considering the circumstances surrounding the divorce case.
Source: gwinnettcitizen.com, “Divorce — Division of Property”, David Walker, July 30, 2017