Florham Park, New Jersey, Divorce Attorneys
Divorce creates two legally and financially separate households. As a result, assets earned over the course of a marriage must be divided among the parties. In the state of New Jersey, marital assets must be equitably divided. "Equitable division" does not mean a 50-50 split straight down the middle; rather, "equitable division" refers to an assignment of assets the court believes to be equitable or "fair" given certain facts about the parties involved. At the family law office of Levine & Levine, our attorneys work closely with clients in protecting their legal and financial interests in the division of marital property assets. If necessary, we consult forensic accounts, business valuation experts, and CPAs in determining the assets — and debt — involved.
Don't allow yourself to be taken advantage of or saddled with debt that is not yours. Contact divorce lawyers at Levine & Levine today to schedule an appointment and discuss your case.
What Does the Court Consider in Dividing Marital Property?
There are a number of factors the court takes into consideration when dividing marital property. By and large, the following factors will impact how marital property is apportioned:
- The length of a marriage
- The standard of living each spouse is used to
- The education and work background of each spouse
- The age of each spouse
- The amount of money or property each spouse brought into the marriage
- Terms contained in a prenuptial agreement
- Whether minor children are involved and who gets custody
- Child support and alimony payments
- Whether one spouse worked to put the other through school
- The value of retirement funds or a closely owned business
- The tax implications of a divorce on each spouse
Marital Property and Divorce — What Is Subject to Division?
Under New Jersey law, any assets earned over the course of a marriage are subject to division. As a result, even if you brought a home, stocks or retirement funds into a marriage, any equity earned on them during your marriage may be subject to division. Even an inheritance can be considered marital property if it was used to enhance the value of marital property. For example, if your ex inherited $50,000 from a great aunt and used the money to refurbish the kitchen, the inheritance may have added to the equity in your home and may be subject to division.
Marital Debt — Protecting Yourself
In any divorce settlement, care should be taken to divide and assign marital debt as well. It's not uncommon for a credit card or loan to have both spouses' name on the account even though the credit line is really only used by one spouse. Even if you did not use a jointly held credit card, you are still responsible for any debt on it. Since your divorce agreement has no legal impact on your credit card contract, even if your ex-spouse agrees to pay off an outstanding balance, if he or she defaults the credit card company can — and will — come after you. That's why it's important to include terms in your divorce that cover the division of debt and what happens should your ex fail to adhere to his or her financial obligations.
Contact Family Law Attorneys at Levine & Levine Today
We understand what it takes to protect you and your interest in the division of marital property — and marital debt. For more information regarding our practice and how we can help you, contact marital asset division attorneys at Levine & Levine today.
