New Jersey Divorce: Dividing Marital Assets

May 27, 2021

The division of marital property and debts can be extraordinarily stressful. Dividing assets and property, may cause tension as many couples are unable to reach a mutually agreeable property division agreement. The process can be complicated when there are various sources of wealth, including but not limited to collectibles, foreign assets, or real estate.

New Jersey is an equitable distribution state, meaning that marital property is not necessarily equally divided but is divided between spouses in a manner that the court considers fair and equitable. Equitable distribution applies to marital property, which is all property acquired during the course of the marriage except gifts or property obtained through a will or inheritance.

There are many factors that the court may consider when deciding on an equitable distribution of property. As outlined in N.J.S.A. Section 2A:34-23.1. The factors include:

  • The duration of the marriage or civil union.
  • The age and physical and emotional health of the parties.
  • The income or property brought to the marriage or civil union by each party.
  • The standard of living established during the marriage or civil union.
  • Any premarital/prenuptial agreements.
  • The economic circumstances of each party at the time the division of property becomes effective.
  • The income and earning capacity of each party.
  • The contribution by each party to the education, training, or earning power of the other.
  • The contribution of each party to the acquisition, dissipation, preservation, depreciation, or appreciation in the amount or value of the marital property, or the property acquired during the civil union, as well as the contribution of a party as a homemaker.
  • The tax consequences of the proposed distribution to each party.
  • The present value of the property.
  • The need of a parent who has physical custody of a child to own or occupy the marital residence or residence shared by the partners in a civil union couple and to use or own the household effects.
  • The debts and liabilities of the parties.
  • The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse, partner in a civil union couple, or children.
  • The extent to which a party deferred achieving their career goals.
  • Any other factors which the court may deem relevant.

All these factors are considered by the court when dividing marital assets. Even if the titles of certain assets are in only one of the spouses’ names, they are not necessarily immune from the equitable distribution of property if obtained during the marriage.

George Christopoulos has fought for spouses’ rights in the New Jersey Family Courts since 2001. His experience makes Mr. Christopoulos an expert in the division of marital assets. A divorce is a challenging time in a one’s life, and representation by George Christopoulos will provide you with peace of mind knowing your rights are protected. Please call the Law Offices of George Christopoulos, P.C. at (201) 488-1825 to discuss your options.

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