Division of Property Attorneys Servicing Divorce Clients Throughout Camden County and All of South Jersey
One of the central issues for Family Law attorneys in any divorce is the “who gets what” issue; how will the assets and liabilities acquired by the parties during the course of their marriage be divided by the court? Generally speaking, all assets and liabilities existing as of the date of the parties divorce complaint will be divided by the court and memorialize within the parties property settlement agreement and/or final judgment of divorce with stipulations. Either way, the equitable division of property; known as “equitable distribution” in New Jersey, requires the identification and valuation of assets and liabilities; and then the allocation of same between the two divorcing spouses.
The marital home, retirement accounts, bank accounts, businesses, real estate holdings, boats, cars, household furnishings, collections, mortgages, debts (including credit card debts), contingent liabilities, must be equitably distributed by and between the parties before either party will be granted a divorce.
Accordingly, generally speaking, if one party retains an asset or assumes a liability, that party will receive a credit for same in the context equitable distribution. While parties can choose to equally divide their assets and liabilities, alternatively, a cash payment may be appropriate where one party is either receiving a disproportionate share of assets and/or assuming a disproportionate share of the parties liabilities. The statutory factors for “equitable distribution” include the duration of the marriage, age, physical and emotional health of the parties, income or property brought to the marriage each party, standard of living established during the marriage, any written agreement made by and between the parties, the economic circumstances of each party at the time the division of property, the contribution by each party to the acquisition, depreciation or appreciation in the amount of the value of the marital property (as well as the contribution of a party as a homemaker), the need of a parent who has physical custody of a child retain possession and/or ownership of the former marital home, as well as the debts and liabilities of each of the parties.
The division of property piece of a divorce can be very complicated and complex. Our skilled divorce attorneys offer you peace of mind, whether you have a simple division of property case or a complex case with businesses and extensive property, we are confident we can help. Contact our law firm today either online or call our office directly at 856-627-0100.