When it comes to divorce in New Jersey, one of the most contested aspects is the division of marital property. New Jersey is one of the many states that adheres to the doctrine of equitable distribution, which doesn’tn necessarily mean an even 50/50 split. The court will weigh various factors to determine a fair resolution. Please continue reading to learn how an experienced Morristown Property Distribution Lawyer can help safeguard your financial interests.
What Does Equitable Distribution Mean in New Jersey?
New Jersey is an equitable distribution state, meaning that all martial assets and debts acquired during the union are divided fairly, but not necessarily equally in a divorce. While the residing judge can split everything 50/50, they have the authority to award a different percentage if necessary. It should be noted that the state prioritizes fairness over an automatic split.
What Factors Do Courts Consider During Equitable Distribution?
The court will examine numerous factors to determine an “equitable” split of marital assets:
- The duration of the marriage
- The age and health of each party
- The standard of living established during the marriage
- The income and earning capacity of each party
- The contribution of each party to the marriage
- The potential tax consequences to each party
- Any debts and liabilities
- Any other relevant factors
Keep in mind that separate property, any assets or debts acquired before the marriage are excluded from equitable distribution. This typically includes assets owned prior to the union, gifts received from a third party, or an inheritance.
What Happens with Commingled Property?
When your separate property is mixed with marital assets, a process commonly refered to as “commingling,” it can blur the lines of ownership. This can result in an ugly dispute. While they were once individually owned assets, when they become blended they lose their protected status and will be subject to equitable distribution. The primary ways commingling leads to disputes in a divorce include:
- Depositing cash or inheritance into a joint bank account
- Transmutation (asset conversion)
The individual who owns the separate property must prove it belongs to them alone. If you cannot substantiate your claim, your property will likely become part of the marital estate. To safeguard your financial interests, you must keep all separate property in a distinct account and avoid commingling.
Why Is It Important to Hire a New Jersey Divorce Attorney?
Engaging a skilled Morristown property distribution lawyer is in your best interest to ensure your financial security during the divorce process. Our legal team is ready to mecously categorize marital property and aggressivly defend your claims to separate property. The choices you make during the property division process carries long-term consequences. Don’t attempt to navigate this process alone, as you risk irreversible oversights. Connect Graves Andrews, LLC, today to schedule a confidential consultation.