Divorce can be a very emotional time in New Jersey, and this can be particularly true when it surprises one partner in a marriage that has lasted many years. Emotions should not get in the way of clear thinking and the determination of what one is entitled to when it comes to property division. Emotions can cloud one’s judgement, which could have a negative effect on settlement negotiations.
It is important to understand what may be considered marital property when entering into the divorce process. New Jersey is an equitable distribution state, which means property is not automatically split 50/50 but in an equitable manner. In a marriage that has lasted for many years, retirement accounts and pensions can figure prominently in settlement negotiations.
If a person has been with the same company for a long period of time and receives a pension from the company, the length of the marriage can help determine the amount of a pension that is subject to division as marital property. If the length of the marriage and period of employment are roughly equal, the pension may be subject to a 50/50 split between the two people. Regarding retirement accounts, the amount accrued during the marriage is considered a marital asset.
Emotions can carry a tremendous amount of sway over a person’s judgement and thinking. The emotions that can arise during a divorce can serve to be a detriment in the outcome of property division undertaken during settlement negotiations. A family law professional in New Jersey can help alleviate the negative effect of emotions by keeping the focus on the business side of the negotiations.