When a couple in New Jersey no longer wants to be married, it is likely that they will opt for divorce. When the divorce begins, one thing that the couple will need to do is divide their assets and liabilities. There are two types of property that must be addressed when going through the equitable distribution process.
Marital vs. Separate Property
First, there is separate property. This is anything that each individual spouse owned prior to the marriage. Separate property may also include anything detailed in a prenuptial agreement as well as any inheritance or personal injury awards that were kept in a separate account. All of the property that was acquired during the course of the marriage is considered marital property. Only marital property will be included in the equitable distribution process. It is important to note that when property is divided in New Jersey, it will be divided in a fair and just manner based upon a number of different factors. This does not necessarily mean that the assets will be divided equally.
There are many different factors that the court will take into consideration when dividing assets. Some of these factors include the length of the marriage, the age and health of each party, the tax consequences that each spouse may face from the division, the economic situation of each party, among others. If you need legal assistance in any matters related to divorce, contact our firm today.
For strong legal representation from an experienced divorce or family law attorney, contact Underwood & Micklin and we would be happy to schedule a consultation to discuss your matter.