One of the most significant concerns while going through a divorce is the division of property. Understanding the process and determining factors can help ease some of the stress and uncertainty.
In New Jersey, property division follows the principle of equitable distribution. Equitable distribution means that assets are divided fairly but not necessarily equally. This approach considers various factors to ensure a just allocation of property between both parties.
Equitable distribution explained
Equitable distribution involves a thorough evaluation of both marital and separate property. Marital property includes assets and debts acquired during the marriage, regardless of whose name is on the title. Separate property includes the assets owned by one spouse before the marriage. Separate property can also include an inheritance or gift acquired individually.
Factors influencing property division
The division of assets relies on several factors. These factors include:
- Duration of the marriage
- The age and health of each spouse
- The standard of living during the marriage
- Each spouse’s economic circumstances
- Contributions to the marital property
- Future financial needs.
Role of marital agreements
Prenuptial and postnuptial agreements can impact property division. If a valid agreement is in place, it will guide the division of assets. These agreements can simplify the process and clarify how to divide the property.
Distribution process
Property division involves identifying, valuing, and distributing marital assets. These may include real estate, bank accounts, retirement funds, and personal belongings. The goal is to achieve a fair outcome that reflects the contributions and needs of both spouses.
Moving forward with clarity
Going through a divorce is a challenging situation but understanding the factors in dividing property is essential to helping you move forward. By knowing the process you can better prepare and work toward a fair resolution.