The one constant you will find in every marriage is assets. Everyone owns something, and if you are sharing your life with someone, chances are you are owning something jointly. Such as a home, furniture, appliances, etc. So when you decide the marriage must come to an end, how do you decide who gets what?
In New Jersey, there “equitable property” laws. This means that everything that was acquired by either spouse during the marriage must be divided equally unless proven otherwise. This also includes monetary assets such as retirement plans and insurance policies. Not only is the assets equally divided, but the debts as well.
So how do the courts know who gets what? Usually the couple figures out the division themselves. But, if the couple is at odds, the court will award each party a percentage of the total value of the property and will then receive items that will add up to the spouse’s percentage. This is called “equitable distribution.” So here’s the major question: Who gets the house? This is a complicated issue. Generally if the spouse who as the children, they are generally the ones who keep the house. But if there are no children involved, the courts cannot kick someone out of the house. Either you have to come to an agreement about who keeps it, live together or sell it.
For more information on property division, click here. Are you going through a divorce? Then contact us today for a free consultation.