Property divisions are often the most antagonistic part of a divorce. If you want your New Jersey property division to fall in your favor, avoid the following tactics at all costs.
The courts have an arsenal of methods to uncover hidden assets, so it is never worth the effort. The judge can impose sanctions on you if you hide assets, making this a risky—and potentially costly—move.
Your New Jersey property division will be executed according to the principle of equitable distribution (i.e. a fair division). Don’t expect the judge to deviate from this standard of fairness. You can also expect a backlash from the opposing counsel if you make unreasonable demands.
If your attorneys are attempting negotiations before bringing the matter in front of the judge, keep an open mind. You may have to compromise to reach an agreement. If you can’t, the judge will decide for you, and you will have no say in the matter.
Claiming marital assets as separate assets can turn the spotlight on your potentially dishonest dealings. If you can’t back up your claim with a premarital agreement or lock tight documentation, don’t go down this path.
Without professional appraisals, you could be cheating yourself out of significant value. Even if you don’t plan on keeping that collection of comic books or the vintage car, make sure the value is professionally appraised. In a fair property division, your share of the assets should reflect—in part—the value of the assets you let your spouse keep.
Property divisions in divorce can be incredibly contentious. Many couples deplete valuable assets just trying to reach an agreement on who gets what. To get what you want out of your property division, keep these steps in mind.
Have an attorney help you distinguish separate assets from marital assets. You may need documentation such as tax records, titles and leases, and account histories to do so. Then you can focus all your efforts on getting your fair share of the marital assets.
Support your claim for separate assets. If you have separate assets you want to be left out of the property division, make sure you gather the supportive evidence you need to make that claim in court. Again, it’s crucial you work with an attorney because you’ll want this evidence to be indisputable.
Paint a clear picture of your finances. Your financial status can affect your property division. Many married couples live beyond their means, so when one spouse has to pay alimony (spousal support), both spouses are often left struggling to make ends meet. Your property division can help close those gaps, so it’s important to know exactly where you stand financially.
Before you agree to trade the family home for cash accounts, work with an attorney and a financial advisor to make sure that decision is prudent. Some assets depreciate. Others can increase in value. Consider real estate market projections before taking a piece of real property. Similarly, have stock portfolios analyzed before you agree to take on potentially risky assets. And fully consider the responsibilities of taking on assets such as businesses. You want to make sure the value of the assets you get will be steady and sustainable.
It’s OK to stand your ground to get what you want. Property divisions are often a series of negotiations. Find a New Jersey divorce attorney who can go the distance for you, and do not concede just to close the deal. Be patient; you want to make sure the assets you receive will benefit you now and in the future.
Fighting for what you deserve in divorce is stressful, but the knowledgeable attorneys at the Williams Law Group, LLC have the experience needed to defend your rights and get you the property division outcome you want. Located in Short Hills, New Jersey, Williams Law Group, LLC provides compassionate and dedicated legal services to Union, Bergen, Essex, Hudson, Morris, Monmouth, and Middlesex counties, and the surrounding areas. Our knowledgeable attorneys handle divorce and family law, child custody, and child abuse/neglect cases. Call our office at (908) 810-1083, email us at firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation and ultimately get you connected with an experienced New Jersey divorce and child custody attorney.