In order to completely separate a marriage through divorce, the couples need to divide their assets amongst the two of them. As expected, this is rarely ever an easy process. In these situations, spouses usually wonder what cherished assets they have that they are entitled to in the separation. No one wants to lose the things that are valuable to them, including non-tangible things such as financial stability. It is because of this that spouses going through a divorce should contact an experienced New Jersey divorce attorney to learn more about the process going forward.
What is Litigation?
When spouses are not able to agree on their marital issues during a divorce, it is known as a contested divorce. This often leads to litigation where the spouses receive the assistance of the court in establishing arrangements for these terms. During this time, the couple’s assets will be subject to equitable distribution. This means the assets are fairly divided between the two parties, not necessarily equally.
Judges who are working to decide which assets belong to which spouse will consider various aspects of the relationship. This can include both spouses’ financial situations, if there are any children, the length of the marriage, and more. One example is if a spouse is financially dependent on the other and is awarded a larger portion of assets than the independent spouse in order to remain stable. Litigation can often leave spouses disappointed, as they do not always receive the assets they would have liked to.
What Assets are Subject to Equitable Distribution?
When people acquire assets, they are rarely ever okay with losing them. That is why spouses often find themselves in disagreements over the matter. During litigation, the court determines where the assets belong based on the distinction between marital property and separate property. The assets that are acquired during the marriage are considered marital property while the assets that were acquired before they are separate property. This can include real estate, automobiles, bank accounts, etc. In the event that a couple runs a business together, they may need to consider the status of its future as well. In addition to this, the court also factors in if spousal support or child support payments are owed.
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Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.