New Jersey Property & Equitable Distribution Attorneys
Equitable distribution in New Jersey determines how marital assets are divided during divorce. Assets are distributed fairly based on factors such as the length of the marriage, each spouse’s contributions, and their financial circumstances. Marital property, including homes, investments, and retirement accounts, is subject to division, while separate property, like assets acquired before the marriage, may remain with its original owner.
What Assets Are Subject to Equitable Distribution?
Marital assets, including homes, retirement accounts, and investment portfolios, are subject to division. Separate property, such as inheritances or gifts received by one spouse, generally remains with the original owner unless it was commingled with marital assets. Distinguishing between marital and separate property is crucial, as this impacts the division.
What Factors Does the Court Consider When Dividing Assets?
In determining equitable distribution, courts consider many factors, including but not limited to the following:
- The length of the marriage.
- Each spouse’s financial and non-financial contributions.
- The standard of living during the marriage.
- The health and age of both parties.
- Income and property each spouse had at the beginning of the marriage.
Prenuptial agreements and inherited or gifted assets also affect the division. The goal is to divide property fairly, although this does not always mean an equal split.
How Does Equitable Distribution Affect Complex Assets?
Dividing complex assets such as businesses, real estate, or retirement accounts can be particularly challenging. Even separate property that has appreciated during the marriage may be subject to distribution. Valuing these assets accurately requires financial expertise to ensure a fair and appropriate division, including potential tax implications. Business interests or investment portfolios often require detailed analysis to determine their division.
How Can Mediation Help in Equitable Distribution?
Couples are encouraged to resolve equitable distribution issues through mediation, where they work together to reach a fair settlement. This can reduce the need for a court decision and may help both parties retain more control over the outcome. However, if mediation fails, the court will divide the assets, often after extensive litigation.
How Are Pensions and Retirement Accounts Divided?
Pensions and retirement accounts are often significant marital assets. In New Jersey, any contributions made to these accounts during the marriage are subject to equitable distribution. Valuing these accounts accurately is essential to ensure fairness, and a Qualified Domestic Relations Order (QDRO) may be necessary to divide them without incurring penalties.
What Role Does Fault Play in Property Division?
Although New Jersey is a no-fault divorce state, financial misconduct, such as hiding or wasting marital assets, can influence the outcome of property division. If one spouse can prove reckless spending or similar behaviors, the court may adjust the asset distribution to reflect this wrongdoing.
Why Legal Representation Is Critical
Navigating the complexities of equitable distribution, particularly in high-asset divorces, requires legal guidance. A skilled lawyer can ensure proper asset valuation, advocate for a fair division, and protect financial interests. At Zeigler Law Group, LLC, our experienced New Jersey equitable distribution lawyers help clients achieve favorable results through mediation or litigation.
Contact the New Jersey Equitable Distribution Lawyers at Zeigler Law Group, LLC
If you are facing divorce and need assistance with equitable distribution in New Jersey, contact Zeigler Law Group, LLC today for legal advice and representation. The New Jersey equitable distribution lawyers will protect your rights. Call 732-361-4827 or contact us online to schedule a free consultation. Located in Toms River, Red Bank, Princeton, and Mount Laurel, New Jersey, we serve clients in Ocean County, Monmouth County, Mercer County, and Burlington County.