Understanding Asset Division in Divorce
With regard to divorce settlements, New Jersey is an equitable distribution state. Equitable distribution is defined as dividing the marital assets in an equitable (or fair) manner, but not necessarily an equal one.
The court will decide the distribution outcome if the parties involved in a divorce are unable to reach a settlement. The divorcing spouses will most likely appreciate the outcome of their settlement if they can indeed agree upon a divorce property settlement rather than letting the court decide for them.
Factors the Court Could Consider in a Property Settlement Case
- Duration of the marriage
- Age, physical and emotional health of the parties
- Income or property brought to the marriage by each party
- The standard of living established during the marriage
- Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution
- The economic circumstances of each party at the time the division of property becomes effective
- The income and earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage
- The contribution by each party to the education, training or earning power of the other
- The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property, as well as the contribution of a party as a homemaker
- The tax consequences of the proposed distribution to each party
- Present value of property
- The need of a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects
- Debts and liabilities of both parties
- The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse or children
- The extent to which a party deferred achieving their career goals
- Antenuptial settlements constructed in writing
If you are worried that your spouse might attempt to hide or excessively spend assets during your divorce, we suggest filing a petition for a temporary financial restraining order. This order prevents the liquidation of assets or the excess spending of funds outside the basic necessities of daily life. Consider first allocating enough funds for yourself prior to filing, as the restraining order will apply to BOTH parties.
Contact Freeman Hughes Freeman, LLC, Today
Whether you are in the process of getting a divorce or would just like to discuss your situation, the law offices of Freeman Hughes Freeman, LLC, can help. Please contact Freeman Hughes Freeman, LLC, at (201) 222-7765 or click here to schedule a free consultation.
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