What Is Considered Property in a New Jersey Divorce?
Posted February 28th, 2014 by Anthony Carbone, PC.
Categories: Family Law.
Who gets what is one of the most contentious issues in the end of any marriage. If you and your spouse are in the midst of a divorce, or you’re thinking about filing, New Jersey attorney Anthony Carbone can help protect your rights throughout the process.
New Jersey uses an “equitable distribution” standard for determining property division in divorce cases. Though this means the court is obligated to divide assets and debts fairly, the split won’t necessarily be half and half.
When making allocations between spouses, the court will assess more than just the family home or what you might intuitively think of as “property.” Property can encompass multiple items you and your spouse shared or held separately, including:
- Cars and other vehicles
- Household possessions
- Savings accounts
- Retirement savings
- Stocks, bonds, and other investments
- Loans, mortgages, credit cards, and other types of debt
- Business assets
Distribution of property is heavily dependent on whether or not the court considers each asset or debt to be jointly held by the spouses, separately held by only one party, or a combination of the two.
To find out more about how our dedicated New Jersey divorce attorney can help you get your fair share of the property you and your spouse enjoyed in marriage, please contact the Law Offices of Anthony Carbone, P.C., or call 201-963-6000 today to schedule a free initial consultation.
