๐๐ก๐ ๐๐๐ฌ๐ข๐๐ฌ ๐จ๐ ๐๐ช๐ฎ๐ข๐ญ๐๐๐ฅ๐ ๐๐ข๐ฌ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐๐ฐ ๐๐๐ซ๐ฌ๐๐ฒ
States can enact their own laws regarding how property is divided in a divorce. New Jersey divorce laws require the โequitable distributionโ of marital property, which means that everything that is considered to be marital property is divided in a fair manner, given the circumstances. Equitable distribution laws do not require you to divide property 50/50, but instead to consider different factors when determining a fair division.
๐โ๐๐ก ๐บ๐๐ก๐ ๐ท๐๐ฃ๐๐๐๐?
The first step of property distribution is to determine what property and assets need to be divided. Put simply, marital property is divided, while each spouse keeps their own separate property. Marital property can include:
โ The family home
โ Vehicles
โ Personal property purchased together
โ Income earned during the marriage
โ Investments and retirement accounts
โ Business interests obtained during the marriage
Even if one spouse purchased something in their name only, it will be marital property if they used marital funds for the purchase.
๐๐๐๐ข๐๐๐ ๐กโ๐ ๐๐๐๐๐ก๐๐ ๐๐๐๐๐๐๐ก๐ฆ
Step two of the equitable division process is to determine the value of the marital property. This includes appraising real estate and business interests, as well as taking inventory of all financial accounts.
๐ท๐๐๐๐๐๐๐ ๐โ๐๐ก ๐๐ ๐ธ๐๐ข๐๐ก๐๐๐๐
There are many factors that go into the determination of what is equitable when it comes to dividing property. Some factors include:
โ The length of the marriage
โ The earning ability and financial resources of each spouse
โ Whether there are any spousal support orders
โ Each spouseโs separate property
โ How each spouse contributed to the acquisition of the marital property (not only financial contributions but also household and practical contributions)
Consult with a Morristown Divorce Attorney About Your Situation
Property division is a major part of every divorce, and the Morristown divorce lawyers at Eveland & Foster, LLC, can work to protect your rights under New Jersey law. Call (973) 841-8856 now.
๐โ๐๐ก ๐บ๐๐ก๐ ๐ท๐๐ฃ๐๐๐๐?
The first step of property distribution is to determine what property and assets need to be divided. Put simply, marital property is divided, while each spouse keeps their own separate property. Marital property can include:
โ The family home
โ Vehicles
โ Personal property purchased together
โ Income earned during the marriage
โ Investments and retirement accounts
โ Business interests obtained during the marriage
Even if one spouse purchased something in their name only, it will be marital property if they used marital funds for the purchase.
๐๐๐๐ข๐๐๐ ๐กโ๐ ๐๐๐๐๐ก๐๐ ๐๐๐๐๐๐๐ก๐ฆ
Step two of the equitable division process is to determine the value of the marital property. This includes appraising real estate and business interests, as well as taking inventory of all financial accounts.
๐ท๐๐๐๐๐๐๐ ๐โ๐๐ก ๐๐ ๐ธ๐๐ข๐๐ก๐๐๐๐
There are many factors that go into the determination of what is equitable when it comes to dividing property. Some factors include:
โ The length of the marriage
โ The earning ability and financial resources of each spouse
โ Whether there are any spousal support orders
โ Each spouseโs separate property
โ How each spouse contributed to the acquisition of the marital property (not only financial contributions but also household and practical contributions)
Consult with a Morristown Divorce Attorney About Your Situation
Property division is a major part of every divorce, and the Morristown divorce lawyers at Eveland & Foster, LLC, can work to protect your rights under New Jersey law. Call (973) 841-8856 now.