Division of Marital Assets in New Jersey
Morris County Attorney Pursuing Fair Property Division
Divorce can be one of the most stressful events in your life and the battle to retain your assets can add to the stress. New Jersey is an equitable distribution state and all assets gained over the course of the marriage are divided fairly, not necessarily evenly, by the court. Enlisting the service of an established attorney in Morris County can help to ensure that you receive the assets you need. Our lawyer at Levine & Levine can use his experience as a litigator and mediator to work towards finding a division of marital assets that works well for you.
To arrange for a consultation with our Morris County attorney, call us at (973) 718-3999.
What Is Considered When Dividing Assets?
The court normally examines many factors, such as:
- The health of both parties
- The standard of living in the marriage
- Any prenuptial or post-nuptial agreements
- What property was brought into the marriage
- The income capacity, training, and education of each party
- The responsibilities in the child custody arrangement
What is Equitable Distribution in New Jersey?
New Jersey is an equitable distribution state, which means that the marital property must be divided fairly. However, that does not necessarily mean they have to be divided equally. It will be up to the court to decide what is fair if the couple cannot agree on how to divide their property.
When a couple is dividing property the first thing that must be determined what is marital property and what is separate.
Separate property - Usually includes anything that one spouse owned before the couple was married, including an inheritance, a gift or any other property. However separate property can become marital property if a person comingles it with marital property.
Marital property - Is anything that is acquired by either, or both, spouses while the couple is still married. That includes all types of retirement plans including IRAs, 401ks, and pension plans.
When it comes to retirement plans in a divorce, one way to make sure that retirement account funds are correctly divided and distributed is by using a qualified domestic relations order or QDRO. This is a legal document that divides an individual’s retirement account with a former spouse, while permitting the money in a given plan to be distributed without incurring the penalties and taxes.
Types of Property & Assets that Often Need to Be Divided
Even if a New Jersey court believes an equitable, or fair, division of assets would involve a 50-50 split, it does not mean that every asset is able to be evenly split up. There are certain assets that are unable to be divided, such as a home, vehicle, inherited items, personal possessions, and others. Other things that can be divided are debts, mortgages, business interests, and retirement plans.
Call (973) 718-3999 for Help with the Division of Marital Assets
At Levine & Levine, our Morris County lawyer can provide you with detailed legal counsel for help dividing marital assets. Our lawyer has helped many people over the course of his 30-year career. We can work towards a successful division of assets through mediation or litigation.
Contact us at (973) 718-3999 to learn more about asset division and how we can help you.
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