Divorce is a difficult process for any couple, but it can become even more complicated when significant property is involved. For property-owning families, dividing assets and ensuring a fair outcome requires a thorough understanding of the law and careful planning. Here’s a guide to help you navigate divorce as a property-owning family in New Jersey.
How Is Property Divided in Divorce?
In New Jersey, property is divided according to the principle of equitable distribution. This means that marital property is split in a way the court deems fair, though it may not be an equal split. Marital property generally includes assets acquired during the marriage, such as real estate, businesses, or retirement accounts. On the other hand, separate property, which includes assets owned before the marriage or acquired through gifts or inheritances, typically stays with the original owner.
Zeigler Law Group, LLC can help you determine which of your assets qualify as marital property. Courts will also consider factors like the length of the marriage, each spouse’s financial contribution, and each party’s future needs in deciding how to divide property fairly.
What Happens to the Family Home?
The family home often plays a central role in divorce, both emotionally and financially. One of the biggest questions is whether one spouse will keep the home or sell it, with the proceeds divided. In many cases, couples opt to sell the home, which allows both spouses to start fresh financially.
If one spouse wants to keep the home, they may need to buy out the other spouse’s share. This usually requires refinancing the mortgage in the buying spouse’s name. If the home represents a significant portion of the marital estate, keeping it might mean the spouse receives a smaller share of other assets in order to maintain an equitable split.
How Is Business Ownership Handled in Divorce?
If you or your spouse owns a business, divorce becomes more complicated. A business is typically considered a marital asset if it was started or significantly grew during the marriage, even if one spouse ran it. The business will need to be valued to determine its worth as part of the marital estate.
Once the business is valued, a lawyer can help you explore different options for division. In some cases, one spouse may buy out the other’s interest in the business, while in other cases, profits or ownership may be split. Ensuring the business continues to operate successfully while negotiating a fair division is often a priority for both parties.
How Can You Protect Your Assets?
If you are entering a divorce with significant property, protecting your assets is critical. While prenuptial or postnuptial agreements can help by setting clear terms for property division, many couples do not have these in place. Without such agreements, there are still ways to protect your financial interests.
The first step is to have a clear picture of all your assets and liabilities. This includes identifying any hidden assets or jointly owned property that could be overlooked. A lawyer can assist with this process, ensuring property is properly valued and accounted for before reaching a settlement.
A Toms River Divorce Lawyer at Zeigler Law Group, LLC Understands the Complexities of the Divorce Process
Divorcing involves complex decisions, from dividing assets to managing debt and protecting your financial interests. With the guidance of a Toms River divorce lawyer at Zeigler Law Group, LLC, you can approach the process with greater confidence. Call 732-361-4827 or fill out our online form for 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.