Equitable Distribution Divorce Attorneys in Bergen County, NJ
Compassionate Divorce & Family Law Attorneys Serving New Jersey
Divorce requires a series of phases through which the shared life of a married couple is severed, thereby allowing each party to move forward into his or her next phase as a single person. Difficulties frequently arise during the division of assets process because each party has a unique perspective as to what they have invested in the marriage and to what they are entitled as they leave. Overall, New Jersey operates under a system known as “equitable distribution” when addressing the division of assets. Equitable distribution is intended to reach a fair and equitable division of assets and debts resulting from marriage. It is important to note, however, that equitable does not mean equal in the eyes of the law. In addition, the nature of the property, whether marital or separate, is essential to distinguish because marital property exclusively is subject to equitable distribution. Marital property refers to the assets attained during the marriage, while separate property refers to the assets that you acquired as an individual before entering into the marriage. Separate property is considered yours and thus, your spouse is not entitled to share in the value of said property upon divorce.
Townsend, Tomaio & Newmark is a law practice that specializes entirely in divorce and family law. With over 75 years of combined experience, our attorneys have developed a thorough understanding of New Jersey Law concerning the division of assets and complex property distribution. The members of our divorce and family law team have served in a wide variety of positions within the New Jersey Family Law Judicial System, which has provided us with a highly diversified and comprehensive knowledge base when serving on behalf of our clients. Further, the three partners who lead our firm have been Certified by the Supreme Court of New Jersey as Matrimonial Law Attorneys, a distinction held by only 2 percent of the attorneys in the state. Clearly, our credentials speak for themselves. Yet, we consider the words of thousands of satisfied clients to be the most valuable testament to our diligence and dedication to serving their needs during the often difficult divorce process. To speak with one of our skilled divorce attorneys, simply contact our firm.
Factors Considered During Equitable Distribution of Property in New Jersey
Under section N.J.S.A 2A:34-23.1, New Jersey law dictates the numerous factors to consider when determining an equitable distribution of property during divorce. The following are among those contributing factors, to be supplemented by other relevant factors on a case-by-case basis:
- 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; and
- The extent to which a party deferred achieving their career goals
Contact our NJ Divorce Property Division Lawyers
Dividing your assets is more than just an agreement with immediate impact. These determinations spell long-term implications that can positively or negatively affect your financial security well into the future. When dealing with such extraordinarily important and often contentious issues, it is critical to have a knowledgeable, experienced, and aggressive advocate in your corner. Our attorneys will work tirelessly to protect your interests, both financial and otherwise. Contact our firm today to schedule a consultation.