Division of Assets and Debts

Division of Assets and Debts of the Marriage

In New Jersey, if you are getting divorced or separating, you will need to divide your assets and debts. This process, referred to as Equitable Distribution, can be challenging and often leads to disagreements between spouses. It is important to hire an experienced attorney who can handle any asset and debt distribution and protect your interests and those of your children throughout the divorce process.

Understanding the Basics of Equitable Distribution

New Jersey follows the principle of equitable distribution, which means the assets, property, and debts accumulated during the marriage will be divided fairly and equitably by the court. However, this does not necessarily mean equally. An experienced attorney will be able to advise you on what is fair and reasonable in your case. Division can be achieved through direct negotiations, attorney negotiations, mediation, arbitration, or a court trial.

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What does the Court consider when dividing?

Before a final determination is made, the court will consider a number of statutory factors, including but not limited to the duration of the marriage, the age and health of the parties, their income and property brought into the marriage, the standard of living established during the marriage, and any prenuptial or postnuptial agreements.

Protect Your Equitable Distribution Interests

It is important to have a thorough understanding of your rights in regards to the division of property, including the marital home, vacation or investment property, vehicles, personal possessions, collectibles, business ownership interests, retirement accounts, pensions, deferred compensation plans, profit-sharing plans, inherited assets, mortgages, credit card debts, and more. It is important to create a marital settlement agreement that takes all of these assets and debts into account in order to prevent problems for you down the line. Our attorneys are experienced in handling complex asset and debt distribution matters and can help you navigate this process and protect your financial future. Contact us for a consultation.

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