Division of Assets Attorneys in Cherry Hill, NJ
The division of marital property, also known as property distribution, is a significant divorce issue for many splitting couples. It is understandable that splitting one’s possessions can be an emotional and trying process. Many find themselves litigating their divorce on this one issue alone. Whether addressing the future of real estate or items of personality, a couple will have to decide or have a court decide what happens to possessions they have acquired as a married couple. Having the right representation is important. For over 20 years, Underwood & Micklin has been a legal resource to New Jersey, fighting for the rights of clients facing divorce. Facing an uncertain future can be difficult. With the knowledge and skill of an experienced legal team, you do not have to go it alone. Contact Underwood & Micklin for a consultation to discuss your legal matter and retain the services you deserve.
Marital property
When hearing a case of property distribution, New Jersey courts must first establish what assets are marital property and separate property. Marital property is an asset acquired during the marriage or agreed to become marital property at the start of the marriage, with some exceptions, including gifts and inheritance. Separate property is an asset acquired before the marriage and agreed to remain separate. The process of deciphering between marital and separate property is quite complex and it is important to have an attorney to help protect your rights.
Equitable distribution of assets in New Jersey
New Jersey is an equitable distribution state. Equitable distribution is the term used to describe the fair and just manner in which the court will allocate assets amongst the parties. While most believe that assets are split evenly, this is often not the case. The court will consider many factors of the marriage, including the contribution of the parties, the age and health of the parties, the tax consequences, and economic situation, just to name a few.
Marital fault and property distribution
It is important to note that since New Jersey adopted no-fault divorces, they are dismissing most fault grounds in their determination of equitable distribution. Economic fault is another story. If a party was to manipulate finances or waste assets in an effort to impact the divorce case, the decision of marital issues could be impacted, in favor of the other party.
Contact our experienced South Jersey division of assets law firm
If you are facing divorce and property distribution is a contested marital issue, it is important to consult with an attorney. Underwood & Micklin is an experienced law firm serving the greater South Jersey area with quality legal services. Our firm understands that you may hold some of your possessions dear to you and we will do everything to help you protect them. If you would like to discuss your divorce case or to know more about our firm, contact Underwood & Micklin for a consultation today.
