One of the most challenging aspects of ending a marriage is figuring out how to handle the distribution of assets. Property division can especially be difficult for couples with high-value assets or large volumes of assets. However, an applied understanding of this process may help divorcing parties to approach this aspect of divorce with greater confidence. Here is a look at how property division is handled in New Jersey family law courts.
New Jersey is an equitable distribution state. This means that marital assets — assets obtained during the marriage — must be split in a reasonable and fair manner during the divorce process. Based on this principle, marital assets may not be split 50/50; instead, one party may end up receiving a larger percentage of assets than the other one does.
To determine what is deemed equitable in a couple’s unique situation, courts in New Jersey look at multiple factors. These include how long the marriage lasted, as well as the physical health and age of each party. Courts also look at each individual’s income and economic circumstances. They examine both parties’ earning capacities as well.
The best situation during divorce is for both spouses to come to their own agreement on how to handle property division. This eliminates the need for the family law court to make this decision. Of course, this is not always possible. Fortunately, in either situation, a divorce attorney in New Jersey will push for the best outcome for his or her client, taking into consideration the client’s rights and financial best interests long-term.