A marital asset belongs to both you and your spouse. Most everything else is considered separate property. This is the specific domain of divorce law known as equitable distribution, or the division of property. With extensive equitable distribution experience in the state of New Jersey, Fabrikant Law, LLC will guide you through the process of separating and dividing marital assets and keeping your own personal separate property.
That is why you will require an attorney to help you assess before any property is distributed. For example, you would not want any hard-earned money you placed in your 401k account before your marriage to end up being divided equally. Your ex may be entitled to half of what was placed after your wedding day, but not from before.
Fabrikant Law, LLC will not just lead the way with its knowledge of NJ property division. That expertise will be shared with you. Let’s not forget that property division is one part of the divorce process. This process is dictated by New Jersey state law. However, the court will be expecting to sort through two whole lives when the day comes. That means it will be expected that not only will lawyers be familiar with their clients but that clients will be reasonably familiar with the law.
Equitable distribution means that property is not automatically divided down the middle. The old guiding principle of “half” is long gone. Now, it depends on the scenario. In order to evaluate each scenario and educate clients, Fabrikant Law, LLC will turn to N.J.S.A 2A:34-23.1, a list of factors considered by the Courts when determining how marital property is divided during a divorce:
- The duration of the marriage;
- The age and physical and emotional health of the parties;
- The income or property brought to the marriage by each party;
- The standard of living established during the marriage;
- Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution;
- The economic circumstances of each party at the time the division of property becomes effective;
- The income and earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage;
- 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, 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 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 or children;
- The extent to which a party deferred achieving their career goals; and
- Any other factors which the court may deem relevant.
Of course, this list is just a guide. The goal is to reach a settlement agreement, rather than go to Trial and leave this decision up to the Judge assigned to your case. Before any property is distributed, Fabrikant Law, LLC will want to schedule an initial consultation. In order to protect your assets, meeting and learning about you is essential.
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Before going forward with any divorce, or if you have any questions, please contact this office (732) 659-4109 or click the button below.