New Jersey Property Division Lawyers
Dividing property during marriage is often a contentious issue that results in neither party’s happiness. At The Micklin Law Group, LLC, our New Jersey property division attorneys put forth great effort on behalf of our clients, fighting for what is rightfully theirs and advocating for their best interests.
New Jersey Property Division Laws
New Jersey follows the concept of equitable distribution. If you and your spouse are unable to reach an agreement with regard to your joint property, a judge will order the division along lines of fairness, or equity.
Judges receive some assistance in determining equity through the factors laid out in New Jersey’s equitable distribution statute, N.J.S.A 2A:34-23.1. These factors include the length of the marriage, the standard of living established during the marriage, and the debts and liabilities of each party.
You must understand that equity does not mean equal shares. For this reason, it is extremely important that you hire a family law attorney who can help craft an argument for equity that meets your property division needs.
Property Division Includes Marital Assets and Debts
In general, only marital property is available for division between the two parties. This means that non-marital property, such as gifts, inheritances and items you brought into the marriage, will remain with you after the divorce.
Common properties divided during divorce include:
- The family home
- Family cars
- Family belongings
- Bank accounts
- Stocks, bonds and other investments
- 401(k)s, IRAs and other retirement funds
Marital debts are also divided between the parties, including:
- Credit cards
- Auto loans
- Private loans
The purpose of dividing both properties and debts is to make sure neither party experiences significant financial hardship after the divorce.
Complex Property Division in High-Asset Divorces
Divorces involving wealthy individuals or individuals with extensive assets are extremely complex. We have the knowledge, experience and network required to address even the most difficult of assets or liabilities. If you are facing a high-asset divorce or other complex divorce, reach out to our team today for skilled representation.
Contact The Micklin Law Group, LLC for a Consultation
To discuss your marital property division concerns, call us today at 973-562-0100 or contact our family law attorneys online to schedule your initial consultation. We will listen to your situation and provide you with a roadmap for moving forward.
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Frequently Asked Questions
Both property and debt must be divided equitably during your divorce. You can negotiate the terms of the divorce directly with your spouse and your lawyers, or you can have a judge decide how your assets and debts are divided.
You can meet with your spouse and each of your lawyers to try to negotiate the division of your property. If you’re unable to come to an agreement with your spouse, a judge will ultimately determine who gets what.
There is no universal answer; each divorce is different. In some cases, one spouse will end up with the house while the other receives comparable assets. In other cases, the house may be sold and the profits split between spouses.
Equitable distribution means your marital assets must be divided fairly based on each party’s contributions to the marriage and other factors. It does not mean you’ll receive equal shares or that the spouse who paid for the asset with their income during the marriage will automatically receive it.
Yes. A prenuptial agreement will protect assets you have obtained prior to the marriage. It may also dictate that any earnings and assets you receive during the marriage will remain yours in the event of a divorce.
If you own your home with your spouse, you both have a right to stay. There is a common assertion that leaving your house during divorce means you relinquish your rights to it. However, this is not always the case, so you should speak to a divorce lawyer for men about your housing options before making any decisions.
In most cases, your spouse’s behavior during the divorce won’t impact the division or your marital property. Even adultery rarely affects asset distribution, unless your wife used your shared assets to finance the affair. In that case, you may be entitled to compensation when it comes time to divide your assets.
No. Your retirement accounts are considered an asset, and any contributions made during the marriage are subject to the NJ laws of property division. However, there are steps your attorney can take to protect your retirement accounts if you’d prefer to give up other assets instead.
Any number of factors can affect property division, including a prenuptial or postnuptial agreement, a drastic income disparity between spouses, and the presence of premarital property. We highly recommend contacting a family law lawyer if you are concerned about the division of your property during your divorce.