Assets After Divorce
Posted August 6th, 2021 by Anthony Carbone.
Categories: Family Law.
All of your assets, including those you acquired separate from your partner, will be divided and allocated to one party or the other during your New Jersey divorce, at times with the help of a judge. Your business interests, personal possessions, stock options, money in trusts or bank accounts, retirement benefits, cars, shares, pensions, home, and other investments are all considered ‘assets.’
In New Jersey and across the country, one of the most controversial facets of divorce is property division. Property has significant financial and emotional significance for most people. During this phase, try not to let your emotions control you. Your lawyer will help you fight for the assets you care for the most, as well as a fair share of the assets with financial value.
What You Need To Know
Both you and your partner must recognize the presence, nature, and importance of marital and separate assets during the asset division process. Without the help of a professional appraiser or the selling of the assets, determining the financial value can be challenging. Your family lawyer will assist you in deciding which properties need to be correctly assessed.
Irrespective of whether you split your assets by arbitration or have a court determine the division, the process would almost certainly be similar:
- First, every asset will be classified as either individual or group
- Second, every asset will be assessed for its worth. You may achieve this by selling the object or getting it evaluated by a professional. Sometimes, separating partners opt to use the actual dollar value (where it involves financial accounts) or consent to a value.
- Third, assets are shared between the parties
The split of assets may have long-term consequences in your life after a divorce. Throughout a divorce, you must understand New Jersey laws concerning assets. Modifying an asset division following a divorce can be pretty tricky (or impossible) and costly. Thus, it is essential to get it right initially. To achieve a reasonable division of assets in your situation, you can seek legal counsel from a New Jersey divorce attorney. Asset divisions can have a significant impact on your retirement plans, work aspirations, and living standards.
Assets After Divorce; What Factors Should the Court Consider When Determining Who Gets What?
According to New Jersey Law, the division of your assets by the court must be ‘just and equal.’ Equitability does not necessarily imply equality. Instead, it generally refers to being fair and reasonable in the situation.
Sometimes a partner with a lower future earning capacity will receive a larger property reward. Also, the separate property of one partner may be awarded to the other spouse by the jury. This is unusual, and the jury will generally focus on equitable distribution without doing so. When dividing your assets, the court will generally disregard any marital ‘fault.’
When determining how to establish a fair and just division, the jury may take into account the following:
- The extent and nature of individual and group property
- The length of the marriage
- The financial circumstances of every partner at the time of the asset division
The jury is concerned mainly with the financial situation in which both parties will find themselves after the marriage is legally terminated.
Are you wondering what will happen to your assets after divorce? Contact a North Bergen Personal Injury Attorney at the Law Offices of Anthony Carbone to take a closer look at your circumstances. Clients are offered free, no-obligation initial consultations. Get started by contacting their office today at (201) 829-3805.