Equitable property division in New Jersey considers several factors.
Couples who have made the decision to terminate their marriage often have several issues to negotiate, including child custody, alimony and parenting plans. One of the biggest concerns that must addressed in a divorce settlement, however, is that of property division. In some cases, property division can be difficult as many people have certain attachments to items that have been accumulated throughout the marriage. Whether couples are able to agree on this division themselves or need the help of the court, all marital property must be divided in order to move on with the divorce process.
What is marital property and separate property?
Marital property is considered property and assets that have been amassed during the time the couple was married. Not only does this include homes, vehicles, furniture and other commonly shared items, it also includes unique assets, such as antiques, art collections, stocks, bonds and life insurance policies.
Separate property, on the other hand, consists of property and/or assets that either party had prior to entering into the marriage. It may also include any gifts or inheritance that was given to either spouse by a third-party before, during or after the marriage. In order to stay separate property, the original owner must be careful to not combine the assets with those that are marital. For example, if separate inheritance money is deposited into a joint bank account with the other spouse, the money may become marital.
Fighting for fair distribution
If you are going through the divorce process, you may be extremely overwhelmed with emotions and stress. It can be difficult to make decisions during this hard time. However, the decisions that you make now can affect the rest of your life. An attorney who understands family law in New Jersey may be helpful in looking at the details of your case and organizing the facts in order to get you everything you deserve.
Learn more about the attorneys at Morris, Downing & Sherred.