When couples get divorced in Mount Holly, they must decide how to split up all of the property they have amassed before and during their marriage. Ideally, things work best when both people can reach an agreement amicably and avoid a trip to court. However, sometimes that is not always possible and it falls to the legal system to decide how the property split will go.
In some states, the assets of both parties are considered community property. According to Business Insider, this means that any assets or debts incurred while the couple was married will be equally split down the middle. However, only a handful of states use this method and New Jersey is not one of them.
In New Jersey, property division is decided using the concept of equitable distribution. The Legal Dictionary explains that in order to come up with a solution, the courts will look at what property each person holds separately from one another and what property was acquired together while they were married. Only the marital property will be divided and the court will determine how those things should be divided equitably.
If is important to note that in this situation, the term equitable is not the same thing as equal. Equal would mean that both parties walk away with the same amount, whereas equitable means that the split is done in a way that is fair. Therefore, if one the parties was a bigger earner during the course of the marriage, they may walk away with a bigger percentage of the assets in the event of divorce. The court will also take other factors into consideration including each person’s financial obligations and their future earning potential.
