Equitable Distribution Lawyer in Red Bank, NJ
Getting You What You Deserve
If you are considering divorce, it is important to understand the potential issues which you might encounter as it relates to the division of property. Marital property is divided in New Jersey under what is known as “equitable distribution.” The purpose of equitable distribution is to divide assets and debts acquired on the date the parties were married up to the filing date of the divorce complaint in a manner that is fair and just under the circumstances of your particular case.
- Homes and properties
- Cars
- Collectibles
- Jewelry
- Stocks, bonds, investments
- Retirement accounts and pensions
- Businesses and/or business interests
- Debts, such as loans and credit card debt
Practice Areas
While assets will be divided fairly, they will not necessarily be divided equally. For instance, one party might sacrifice an asset that has more monetary value in order to keep an asset that holds more personal value. In the case of neither party being able to reach an agreement between a specific asset, the Court will intervene, and award the asset to whom it believes needs it the most. Factors that the Court will take into consideration in deciding whom the asset will be awarded to include:
- Written agreements created during or before the marriage
- Duration of the marriage
- Income of each spouse
- Training, job skills, earning capacity
- Debts and liabilities of each spouse
- The standard of living established during the marriage
- The contribution of each spouse to the marital property in question
- Age, physical, and emotional health of each spouse
Equitable distribution is not intended to take the place of support. There are also important tax considerations when deciding equitable distribution and you should consult with an attorney before agreeing to divide marital assets. It is highly recommended that these issues and assets be settled between your spouse and yourself privately, rather than in the Courts in order to ensure the best possible outcome for the division of your assets.
Spouses may attempt to hide assets from the other so as to shield them from equitable distribution. Substantial assets can be hidden, so attorneys use discovery tools and forensic experts to unearth undisclosed assets. If you suspect your spouse is hiding assets, an attorney is vital in your case so you can get what is rightfully yours.
The New Jersey divorce lawyers at the Law Offices of Sylvia S. Costantino, Esq., LLC will work with you to ensure that everything you need, whether it is for monetary or emotional reasons, is kept in your possession and that assets are divided fairly between you and your spouse. Contact us today to set up an appointment and ensure that you are given fair and equal treatment.
