Property Division in Moorestown
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If you are interested in filing for divorce in New Jersey, one of the most important things to understand is how property is divided. Property division is a hotly contested issue in a divorce, causing some spouses to attempt to hide assets in order to obtain a favorable settlement.
At New Jersey Family Law Group, our goal is to ensure you obtain the most favorable divorce agreement possible. Our Moorestown divorce attorneys understand how complex property division can be and are well-versed in the divorce process to help you avoid legal pitfalls. Let us protect your rights and best interests immediately.
Protect your rights and interests in a divorce. Contact our Moorestown property division attorneys online or call us at (732) 240-9555 to get started today.
Common types of marital property:
- The family home or another type of property
- Checking and savings accounts
- Stocks and bonds
- Business assets
- Retirement benefits
- Social security benefits
- Life insurance
- Jewelry, art, clothes, and any other household items
New Jersey Property Division Laws
Marital property (or community property) is all assets obtained during the course of the marriage. Since New Jersey is considered an “equitable distribution” state, this means al marital property will be divided between each spouse in a manner that is fair—not necessarily equal or right down the middle.
Couples have an opportunity to negotiate their own property divisions—either by themselves or with the assistance of a mediator. In general, all assets are valued at its most recent “fair market value,” which is how much they are worth if it was sold today. In some instances, couples seek help from professionals to figure out the values for properties and assets.
If a couple is unable to resolve their property issues on their own, the court will make a decision regarding the division of assets for them. Marital fault or misconduct during the marriage does not have an impact on property division, unless one spouse was misusing property or demonstrated “egregious” behavior during the marriage.
The court considers the following factors when it comes to property division:
- How long the marriage lasted
- The age and health of each spouse
- The couple’s standard of living during the course of the marriage
- Any earnings or assets each spouse brought into the marriage
- The overall economic circumstances of each spouse
- Each spouse’s income and employability
- If either spouse delayed pursuing their career goals throughout the marriage
- The debts and liabilities of each spouse
- If one spouse owns a business or practice
- Any other relevant factors
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If you are interested in filing for divorce, our Moorestown divorce lawyers can protect your rights and best interests when dividing property. Whether you have accumulated an immense amount of assets during the marriage or you suspect your spouse of hiding assets, we can make sure you obtain the best divorce settlement possible.