New Jersey Laws Regarding Distribution of Property During Divorce
When a couple decides to divorce, one of the biggest sources of contention may be dividing up all the formerly shared property. When one spouse considers the other at-fault for the relationship’s demise, the situation can become even more complicated. One party may attempt to falsely gain claim to more property rights than they deserve out of spite, or another party may concede more than they should just to finalize the divorce process. It is important for each party to understand their rights when it comes to their marital property.
New Jersey’s Laws Regarding Marital Property
New Jersey law requires property which was acquired by the couple throughout the marriage to be equitably distributed. This means that courtrooms only have the power to divide up property that is considered marital property. Property that is considered separate cannot be divided during the divorce process. While attempting to equitably distribute the property between the two former spouses, New Jersey’s law considers the following factors:
- How long the couple was married
- Each party’s respective debt
- The total current value of all the property to be divided
- The economic circumstances of each party
- The age, physical health and emotional status of each party
- The standard of living that was established during the marriage
- The respective contribution to the marriage of each party
- The income and earning capacity of both parties
- Any written agreements or contracts the parties entered into prior to the marriage
Defining Separate Property in Cherry Hill, NJ
While marriage is considered a union between two people, the two individuals can still maintain their own separate property. “Separate property” includes any type of property that was owned before the marriage, inherited by one spouse, or gifted to one spouse. This property should not be divided by the courts.
Contact a Cherry Hill Family Law Attorney for a Consultation About Your 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 New Jersey family law attorney Lois Garber Schwartz, Esq. represents clients throughout the tri-state area, including Camden, Haddonfield, Voorhees and Collingswood. We understand how challenging this time can be for you, which is why we will fight hard to protect your interests, and the interests of your loved ones, throughout the legal process. Call us at (856) 375-8989 or fill out our confidential contact form to schedule a consultation. We have an office conveniently located at 1040 Kings Highway N., Suite 202, Cherry Hill, NJ 08034.
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.