Representing NJ clients through the division of assets
Divorce is a complicated matter that needs to address applicable marital issues, including the division of marital assets, also known as property distribution. Property distribution can be a deeply contested issue. Property distribution is the allocation of assets after a divorce. The idea of splitting possessions that have been accumulated over the years can be emotional and overwhelming. Fortunately, some couples can come to an agreement over the matter. Others may not be able to set aside their differences, leading to heated court battles. In some cases, divorce litigation has been based on this one issue alone, even while all other marital issues have been addressed and settled. If property distribution is a contested factor in your divorce, it is important to discuss your legal matter with an effective and passionate legal team. Ross & Calandrillo, LLC is an effective divorce law firm located in Mountainside, New Jersey. Our firm is committed to the future of our clients. We understand how difficult it can be to face an uncertain future. We are ready to assess your case, guide you through your legal options, and zealously represent your interests in and out of court. For a consultation, contact Ross & Calandrillo, LLC.
What is marital property?
When a case is litigated, New Jersey courts will need to decipher between marital property and separate property. Marital property is any separate property converted to marital property or asset acquired during the marriage. Separate property is a more complicated matter. Simply put, separate property is any asset acquired before the marriage or asset agreed to be separate before the marriage begins, with some exceptions. In addition, some separate property can be acquired during the marriage, including gifts and inheritance. Knowing the difference is complex and deserves the attention of an attorney.
Equitable distribution in New Jersey
One of the most significant parts of a property distribution case is the way the court will allocate a couple’s possessions. New Jersey is an equitable distribution state. Equitable distribution is the term used to describe a fair and just division of assets. While most think assets will be split evenly, this is not always the case and a court will explore the factors of the marriage, including each party’s contribution to the marital property, age and health of the couple, tax consequences, and economic situation of the couple to make a determination.
It is important to note that fault grounds have little to no impact on the division of assets. If your spouse cheated on you, you will probably not be entitled to a greater percentage of marital assets. Acts of economic fault is another story. If a party purposefully wasted assets or manipulated personal financial information in an effort to manipulate the outcome of the case, the court may judge against said person in favor of the other spouse.
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Contact an experienced Union County property distribution attorney
Property distribution is one of the most significant issues in a divorce. It is important to retain the services of an experienced attorney that will fight for your interests and future. Ross & Calandrillo, LLC understands what is at stake. If you need a knowledgeable and passionate legal team, contact Ross & Calandrillo, LLC for a consultation today.