You might not be thinking about the future of your marriage right now, but there might come a time where you will need to consider getting divorced. The sad fact of the matter is that more and more marriages are ending in divorce these days. Many couples simply cannot continue to live together, even when there are children in the relationship, because of various differences. If you are considering divorce, it’s a good idea to learn how assets are divided in divorce so you know what to expect during the divorce process. Knowing ahead of time how assets are divided in New Jersey will help you prepare for what’s to come.
Marital Property Explained in Livingston, NJ
New Jersey operates under a marital property law, which means that when a couple files for divorce the court can only divide the property that was acquired during the marriage. Any property that either spouse brought with them into the marriage cannot be divided by the court. Any property acquired during the marriage via gift, intestate succession, or devise cannot be divided by the court and stays with the recipient, with some exceptions. Common items that are marital property include the family home, vehicles, cash, checking and savings accounts, retirement accounts and more.
Dividing Marital Property in West Orange, NJ
The first step in dividing assets in a New Jersey divorce is to identify all of the assets that were acquired during the marriage as a couple. There are guidelines that the court system in the state take into consideration when determining how to divide a couple’s marital assets. These guidelines include the following:
- Age of both spouses
- Physical and mental health of both spouses
- The length of the marriage
- The financial situation of each spouse
- The debt each spouse holds
- The value of all the property that will be divided
- The property and income each spouse brought into the marriage
- The standard of living established during the marriage
- The contribution made by each spouse to the other when it comes to their training, education or employment
- The contribution of one spouse as a homemaker
- The contribution of each spouse to the appreciate, depreciation, or acquisition of marital property
- The current income of each spouse
- The earning capacity of each spouse
- The education and training background of each spouse
- If there is a written agreement entered into the by the couple either before or during the marriage that outlines how assets are to be divided in divorce
When it comes to dividing a business in divorce, the court needs to take a look at how it is owned. If it is jointly owned, it must be divided. If one spouse owned the business prior to the marriage and was the sole responsibility for its success, it does not need to be divided. If the same situation is present but the non-owner spouse was responsible for its success, the business can then be divided in divorce.
Separation Date in Verona , NJ
The separation date is an important date that documents when the couple formally splits from each other. This date sets forth when the couple stops collecting community property and debt together and begins accruing it all individually. This is a subjective date, which means it can be open for a lot of debate. The date will ultimately be decided by the court hearing your divorce.
Contact an Essex County Family Law Attorney for a Consultation About Divorce in New Jersey Today
If you are thinking about filing for divorce, or if you have already started the divorce process and are dealing with another matter such as child custody, child support, or division of assets, you need to speak with a qualified attorney.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.