Equitable Distribution of Assets
Equitable Distribution of Assets | Legal Separation in New Jersey
The state of New Jersey does not recognize legal separation. So, if a couple wishes to live as a separated couple, what options do they have? A property settlement is a straightforward way for couples to divide their assets and legally document decisions made about parenting. A property settlement agreement offers couples a convenient way to live as a legally-separated couple and avoid divorce, if desired.
Equitable Distribution of Assets | Marital and Non-Marital Property
Unlike divorces of the past where a 50/50 split of assets was common, couples now have the option to divide their property equitably. This type of property division accounts for both marital and non-marital property, and property each spouse owns individually.
- Marital property (or community property) is any property acquired during the marriage, starting on the day of the wedding.
- Non-marital property is property acquired by each spouse before the date of marriage. Non-marital property can also include assets acquired during the marriage by gift or inheritance.
We offer a variety of divorce services and are ready to assist clients with the most difficult of property division issues. With over 30 years of experience, Jersey City Property Settlement Lawyer Brian Freeman provides solid and experienced counsel to clients throughout the Jersey City area.
Equitable Distribution of Assets | Property Settlements
The following types of property can be divided through a property settlement:
- Bank accounts
- Real estate
- Other property
A property settlement can address such legal issues as child support, a child’s education, alimony, medical expenses, tax deductions, who has the kids for the holidays, and others. For all practical purposes, a property settlement can yield the same results of a divorce, without actually getting a divorce.
Contact our experienced divorce attorneys if you and your spouse are seeking separation in the state of New Jersey. We offer free consultations.