Different states have different rules pertaining to the division of assets between two former partners. In New Jersey, equitable distribution is a requirement. What this means is that property is not always split evenly between the two people who were married to one another. Some states require former couples to split their assets right down the middle. However, that is not a necessity for New Jersey residents. That means you could potentially get more or less than your former partner.
Knowing what you can receive and where your other assets will end up is of importance. That is the reason you need to hire a New Jersey family law attorney to assist you. DeZao Law offers more in-depth information on the division of assets between couples that are divorcing.
Providing Fair Distribution of Assets
Distribution of assets is not always even in New Jersey between divorcing couples. However, the distribution happens in a manner that is fair. Different types of factors are considered before the distribution of the assets is determined. Some of the following factors are considered beforehand to provide a fair distribution of property and other belongings that were owned by the couple during their marriage:
- The individual income from both people
- The earning capacity of both individuals based on work history
- The amount of time the couple spent married to one another
- The custody arrangements that the former couple made
As an example, one person might get more than the other person because they make less money; their earning capacity is lower; the marriage lasted for many years, and they are going to have children more often. However, each situation is different. A New Jersey divorce attorney should always be hired to make sure that the client is receiving the assets they are entitled to.
Keeping Belongings Obtained Before the Marriage
Many divorcing couples have concerns about losing belongings that they owned before they even decided to tie the knot. However, it is possible for individuals to keep most or all of the belonging that they obtained before the marriage, including property and vehicles. It will depend on the situation.
If one individual owned a property before marriage, but they added their husband or wife’s name to that property at some point during the marriage, they may no longer be able to keep it to themselves. If the property was never put in the other person’s name, they do not have to worry about sharing it with their ex or selling the home to split the profit. The Jersey divorce lawyer could assess the client’s situation to prepare the client for what he or she may be able to keep or may have to split when the division of assets happens.
Getting a Divorce and Want to Know More About Your Assets? Let DeZao Law Help You
Do you have plans to get s divorce? If you are going to end the marriage and you are concerned about the division of your assets, you need to speak with an experienced attorney who can review your situation and provide the best advice to you. DeZao Law looks forward to helping you get through the divorce process. Consult with us for free by dialing (973) 358-6134.