New Jersey couples going through a divorce have to face the difficult task of dividing up all of the assets and liabilities that they have acquired throughout the course of their marriage. Assets and debts are divided in a process that is known as equitable distribution. In equitable distribution, all of the marital property is divided between the two parties in a fair and just way. It is important to note that “fair and just” does not mean equal. The court determines what is equitable by considering a number of factors that include the following:
- Each spouse’s contribution to marital property and marital debt
- the age and health of each spouse
- the tax consequences that either spouse will face
- the income of each spouse
- the overall economic situation of each spouse
- whether acts of economic fault were present
Another important factor to be aware of is that in some cases, separate property can end up being divided in the divorce. Additionally, some property that was acquired during the course of the marriage may actually be exempt from the equitable distribution process. For example, if a spouse inherits money but does not commingle it with marital funds and puts it in its own account, it may not be subject to division.
If you have questions about dividing assets and liabilities in divorce, contact our firm.
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm in Mountainside, New Jersey. For strong legal representation in all of your family law matters, contact Ross and Calandrillo, LLC to schedule a free consultation.