West Caldwell Property Division Lawyer
There are countless challenging decisions that must be made following the end of a marriage. One of the most challenging aspects of the divorce process is the division of marital assets and debts. Without the help of our dedicated family law attorneys, you could find yourself facing an unfair split of your belongings.
If you are dealing with the prospect of a difficult divorce, it is vital that you seek legal counsel in order to secure your rights to the assets accumulated during your marriage and to protect premarital assets. With the help of our West Caldwell property division lawyers, you could ensure you understand your rights during this challenging process.
How Are Assets Divided in West Caldwell?
According to state law, judges in New Jersey are required to divide marital property in an equitable way after careful consideration of numerous factors. Unlike communal belongings, the equitable division approach can lead to one spouse obtaining more of the marital assets than another. A West Caldwell attorney could provide insight into this system of property division.
Before the court can divide belongings, it must first categorize it. A judge can only divide marital assets and debts between divorcing spouses, meaning that this process does not apply to non-marital assets.
Non-marital assets, commonly referred to as pre-marital assets, are exempt from equitable distribution; however, it is the burden of the party who is asserting exemption to submit documentation that same is pre-marital. There are different ways assets could be owned separately by a spouse, but the most common scenario is when a spouse owned their property prior to the marriage. Certain assets like inheritance are also considered separate belongings, even if they are received during the course of the marriage, so long as a spouse does not comingle the inheritance.
Most assets that are obtained while a couple is married will be treated as marital property. If both spouses have an ownership interest in an asset, it is up to the court to decide how to divide them during a divorce, unless the parties are able to reach an agreement.
Notably, property can change its form over time. Assets that were originally owned by a spouse but used by both parties during the course of the marriage could transition from pre-marital to marital possessions. Due to these complexities, it is important to speak with a West Caldwell attorney to assist you with dividing belongings in a divorce.
Valuing Marital Assets
Determining whether an asset is considered a marital asset or not is only one step in the process. Before property division in New Jersey can occur, the court must place a monetary value on each of these assets. A judge can take the steps necessary to divide it in an equitable fashion only once the total value of marital possessions are known. If the parties are unable to agree upon the value or estimated value of property, each party will need to submit documentation in support of their proposed value.
Some assets can be valued with the help of professionals. There are countless appraisers who can identify the value of real property, retirement accounts, jewelry, or antiques. Bank accounts and other similar possessions have an inherent dollar value, and these assets are easily valued.
Some assets are more difficult to divide than others. For example, there are tax consequences for withdrawing money from a retirement account early or there can be tax consequences for selling or buying a marital investment property. A West Caldwell attorney could provide guidance with these complex issues involving dividing assets.
Talk to a West Caldwell Property Division Attorney Today
If you are going through a divorce, it is imperative that you speak to an attorney right away. Your legal counsel will work with you to ensure that you receive an equitable share of the marital property. Let our West Caldwell property division lawyers help you fight for a fair outcome in your divorce. If you or someone you know needs assistance in dividing marital assets, call our office right away for your confidential consultation.