Getting divorced is complicated and emotional but sometimes, it is the key to the future happiness of both parties. One of the aspects of divorce that many couples must face is the difficult task of dividing all property that the couple acquired throughout the course of their marriage. The process of dividing assets and liabilities in a New Jersey divorce is called equitable distribution. It is important to be aware that the process of equitable distribution simply means that assets will be divided in a fair and just manner, but not necessarily equally. Separate property will be exempt from the process of equitable distribution.
If a couple can’t divide assets on their own, they may need the court to step in and complete equitable distribution on their behalf. Some of the factors that will be considered when the court does have to divide property include the following:
- The duration of the marriage
- The value of the property
- The acquisition of the assets
- Age and health
- Contribution to the marital property
- Economic circumstance
- The debts and liabilities of the parties
- Possible tax consequence
It is important for couples going through divorce to be aware of the fact that the court does not consider marital fault in the divorce. However, if one party was at economic fault, it may be considered in the process.
If you have questions about divorce in New Jersey, contact our firm today.
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 free consultation.