One of the biggest challenges during the process of a divorce is how to divide the marital assets. After sharing a bank account and a home for many years, couples do not always agree on how to split their assets fairly. If you are concerned about retaining your valuable assets, you should reach out to a skilled divorce attorney for help. A Montclair property division lawyer could explain how New Jersey courts typically divide marital assets, and aggressively fight for your fair share.
Any property acquired during a marriage is marital property, and therefore is subject to division in the event of divorce. New Jersey courts often consider assets obtained during a marriage to be marital property even if it appears as if only one person owns it, such as when only one spouse’s name appears on the title to a house purchased during the marriage. Items that an individual acquires before the marriage, including any pre-marriage gifts, are generally exempt from property distribution. Individually bequeathed properties and inherited money are also not usually included as marital property, but New Jersey courts may consider their value in certain situations.
An experienced attorney in Montclair could asses a person’s assets and determine which assets may be subject to property division. A lawyer in the area also could advise individuals on how to receive proper valuation of their assets, and help arrange meetings with appraisers and other experts who could accurately estimate the value of the marital assets.
After determining what comprises the marital estate, couples have the option to work together to divide their property through mediation. However, if parties cannot agree they may have to present their respective cases to a New Jersey court that could divide their property for them. When courts divide marital property, they do so using the equitable distribution standard. It is important to note that this type of distribution does not necessarily mean an equal 50/50 split. Instead, courts attempt to divide the marital assets and debt as fairly as possible between the two parties, given the circumstances. The court considers factors such as:
A skilled attorney could explain how a court may divide a couple’s property based on the specifics of their marriage and case.
When you are going through a divorce, you need to have an attorney who can look out for your interests and financial future. Our Montclair property division lawyers could help make the process of splitting up your marital assets a lot easier. Reach out to our law firm today to see how we could help you through this challenging time.