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 once the divorce is final.
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.