Bergen County NJ Property Division Attorneys
New Jersey Attorneys Specialized in Equitable Distribution Cases
When married, many couples adopt a “what’s mine is yours” mentality, sharing bank accounts, expenses, retirement funds, health insurance, and a variety of other assets and debts that range from mortgage loans to credit cards. Due to the vast array of physical property, such as vehicles and jewelry, and intangible assets such as stocks and bonds, that you may accumulate with your spouse during your marriage, the financial considerations that factor into an appropriate marital settlement agreement can be highly complex. In fact, the process that is known as the “division of assets,” is among the most intricate and contentious of the divorce process as a whole, spelling long-term implications for your lifestyle and financial future. Fortunately, these waters are entirely navigable if you have a knowledgeable and experienced divorce attorney who can effectively chart your course, ensuring that you are neither exploited nor deprived of the property of which you are entitled.
At Townsend, Tomaio & Newmark, our skilled team of attorneys is dedicated entirely to the practice of divorce and family law. In fact, we are specialized in the division of assets and complex property distribution, having accumulated a wealth of knowledge in this realm with over 75 years of combined experience. To speak with one of our talented division of assets lawyers today, contact our firm. A proactive approach to these matters can be invaluable as you pursue a favorable property settlement.
Division of Assets in New Jersey: Equitable Distribution
First and foremost, it is important to understand the principle that governs the division of assets process in New Jersey, known as “equitable distribution.” Essentially, this means that all assets and debts obtained during a marriage must be fairly and equitably divided as the marriage is dissolved. Note that equitable does not necessarily mean equal in terms of distribution.
When confronting the division of assets process, one must also understand the distinction between marital property and separate property. Marital property refers only to the assets that were acquired during the marriage, while separate property refers to the assets with which you came into the marriage. The division of assets process is confined to marital property, meaning that your separate property is not subject to equitable distribution under New Jersey law. Assets acquired during the marriage must be evaluated based on the nature of the asset and its assessed value before it can be properly divided.
Investigating Assets and Reaching an Equitable Property Division in New Jersey
Our approach to every property division case, regardless of the size of the estate, is proactive and exhaustive. It is our primary concern to identify each and every marital asset to ensure that your financial interests are thoroughly protected. These assets may encompass bank accounts, retirement assets, businesses, real estate, paintings, vehicles, jewelry, and many other items of both personal and financial value. After identifying these assets, we may work with real estate assessors, property appraisers, and business experts to ensure that each asset receives the most accurate value determination before proceeding with asset division discussions.
There are several methods through which asset division can be accomplished, each having positives and negatives that may be applicable depending on the circumstances of your specific situation. These include:
- Negotiations between you and your spouse
- Negotiations between your respective attorneys
- The collaborative divorce process
- Litigation in court
Your attorney should explain each of the avenues available to you and work with you to determine the best course of action for your unique needs and priorities.
Contact our Division of Assets Lawyers for Immediate Assistance
The first step toward achieving a favorable property settlement in your divorce is to arm yourself with as much information as possible. During these proceedings, knowledge is power and an experienced New Jersey divorce lawyer can serve as your most valuable asset toward a desirable outcome. To discuss your situation, contact our firm today.