Protecting Your Financial Future In Divorce
Every divorce in New Jersey must go through the process of dividing the marital property between the two parties. In some cases, this is an easy process and the divorcing couple agrees on the division. In other cases, they cannot seem to agree on anything. Most people are somewhere in between. When parties disagree, the court will step in and divide the property.
No matter where you find yourself in your divorce, you need a knowledgeable lawyer guiding you and protecting your share of the property. I am Amilcar J. Perez, and I have over 15 years of family law experience helping clients in southern New Jersey create a bright future for themselves and their children. Perez Family Law is located in New Brunswick, where I represent clients in both English and Spanish. Servicios legales disponibles en español.
How Is Property Divided In New Jersey?
In New Jersey, the method for distributing marital property in a divorce is equitable division. Although this may sound like the property is divided evenly in a 50/50 split, that is not what it means. The court must divide the property in a manner that is fair and equitable, which leaves a judge quite a bit of discretion. The law does lay out many factors the judge should take into account when deciding who should get what. Note that the court also divides your debts, as well as your assets.
Some assets are quite difficult to divide, such as pensions or business interests. You may have to involve professionals to figure out the actual value of some property. This is common when dividing a business or other high-value assets. As your attorney, I will fight on your behalf to make sure your financial future is secure.
Marital Property Vs. Separate Property
Before dividing the property, the court must decide which assets constitute marital property. New Jersey law defines any assets you purchase or acquire during your marriage as marital property. This can include anything from the family home to your retirement account. As long as you either purchased, acquired or contributed to it during your marriage, it is marital property. There are a few exceptions, such as gifts or inheritances to one spouse.
Separate property includes assets you owned outright prior to the marriage. In most cases, you can keep your separate property after the divorce. This can get complicated in some cases, however. For example, if you owned your business prior to marriage, but your business grew in value during the marriage, the court may consider part of the equity marital property.
Discuss Your Case With Me
I am here to discuss your case and answer your questions about property division or any other topic regarding divorce. You can schedule your free phone consultation by calling my New Brunswick office at 732-201-6435 or reach out online.