Many divorcing spouses worry about what will happen to their shared assets during the legal proceedings. In New Jersey, any assets that either spouse obtained during the marriage are considered marital property. When a married couple gets divorced, their shared assets must be equitably split between both spouses. However, some divorcees wonder if their property division agreement can be altered after the divorce has already been finalized. Continue reading this blog to learn more, or reach out to one of our Experienced Mountainside Property Distribution Attorneys for individualized legal counseling.
IS MY PROPERTY DIVISION SETTLEMENT FINAL?
In general, yes. Once a divorce is finalized, so is the property division settlement. This means that you must follow the division agreement no matter what happens after the divorce. Only in rare circumstances will a judge consider altering this legal order. In New Jersey, a property division settlement can only be later changed if the judge made a mistake on the original legal agreement or if one spouse hid assets during the discovery process. Otherwise, the division of assets is final in a divorce settlement.
HOW ARE ASSETS DIVIDED IN NEW JERSEY DIVORCES?
These days, it’s much more common for divorcing couples to decide on legal settlements themselves with guidance from a divorce attorney or mediator. Hiring legal representation can ensure that the final agreements meet your needs. This option is also beneficial for couples who want to have more control over how their assets are handled during the divorce process. Otherwise, a judge will have to make the final settlement decisions on their behalf. New Jersey courts use an equitable distribution model for property division, meaning marital assets are divided fairly between spouses but not necessarily 50/50.
The following factors could come into consideration when dividing assets in a New Jersey divorce:
- The length of the marriage
- Prenuptial and postnuptial agreements
- Each spouse’s income, debts, inheritances, trusts, and potential earning capacity
- Each spouse’s contributions to the marital property
- Each spouse’s standard of living during and after the marriage
- If the couple had children, child custody arrangements and child support orders
CAN ANY DIVORCE AGREEMENTS CHANGE?
While it’s rare for the property division agreement to be legally altered, divorce courts can modify other legal agreements when necessary. It’s fairly common for support payments to change if one spouse experiences a significant change in financial status. Child custody orders can also be changed if the change is in the child’s best interests.
Are you thinking about filing for divorce in New Jersey? If the answer is yes, you might be seeking a trustworthy divorce attorney who can help you determine your best options. Look no further because our highly experienced legal team is on your side every step of the way! Contact Ross & Calandrillo today for an initial consultation.
