Equitable Division of Assets: Will You Get Your Fair Share During Divorce?
If you are facing the dissolution of your marriage, attorney Frank E. Tournour can effectively and sensitively help you and your spouse divide marital property as fairly and with as little dispute as possible. New Jersey is an equitable distribution state, meaning that the court will try to create an equitable division of assets. Equitable doesn’t always mean “equal”, but it does mean “fair”; Frank Tournour will work to ensure that all marital property is divided fairly between you and your spouse.
If you need assistance with the equitable division of assets during your divorce, contact our office, located in East Brunswick, NJ, as soon as possible to schedule a personal consultation.
Equitable Division of Assets in New Jersey
In the event that you and your spouse do not agree on the division of your marital property during divorce proceedings, New Jersey courts can step in. Courts may assist with the division of all marital property, or simply with items for which the spouses cannot reach an agreement. In these cases, the law requires an equitable and fair division of the marital assets. This does not necessarily mean that the property will be divided fifty-fifty.
The division of assets is based on a variety of factors, including each spouse’s contribution to the obtainment and growth of the marital assets, and each spouse’s potential future needs.
New Jersey is an equitable distribution state, meaning that the court will try to create an equitable division of assets. Equitable doesn’t always mean “equal”, but it does mean “fair”.
Regardless of each spouse’s income, the court recognizes each spouse’s contributions to the attainment of marital property. All marital property can be divided: it does not matter whose name is on the title. The courts consider several factors when choosing how to distribute marital property:
- The length of the marriage
- The age and health of each spouse
- Each spouse’s occupation and sources or amounts of income
What is Marital Property?
Marital property includes all property and assets that were acquired during the course of the marriage. Marital property may include any or all of the following:
- Real property, such as houses, land, or other property
- Personal property, including cars, boats, jewelry, furniture, and more
- Retirement and pension plan benefits
- Gifts from one spouse to the other
As stated previously, it does not matter if the title for the property is in one spouse’s name only. If the property was acquired during the marriage (except by gift or inheritance), it is considered marital property.
Separate property, also known as non-marital property, is any property that was owned by either spouse prior to the marriage or acquired after filing for divorce. Separate property may also include gifts from others during the marriage to one spouse only, as well as an inheritance to one spouse. Each spouse is entitled to keep his or her separate property; however, in some cases, this property may be considered marital property by the courts, depending upon how it was used during the marriage.
The Right Attorney Can Help Ensure an Equitable Division of Assets
In most divorce cases, spouses rarely completely agree on the division of all marital property. This is why we recommend working with an experienced attorney. At Tournour Law, we can assist with the division of any property that you and your spouse cannot agree on. We can also help if you cannot agree on the division of all marital property, or if you simply want to ensure that property is fairly divided. We will ensure that your marital property is fairly and equally distributed between both parties.
Schedule Your Personal Consultation
If you are in the midst of a divorce and you and your spouse are unable to agree upon the division of your marital assets, contact Frank Tournour today to schedule a personal consultation. We can assist in the equitable distribution of your marital assets to avoid further conflict between you and your spouse, helping you move on to begin a new chapter in your life.