Home and Property Division Attorneys Bergen County, NJ
Helping Clients to Efficiently & Equitably Divide Marital Assets
When going through the division of assets process, some of the most valuable assets a married couple may own are properties and homes. Considering the ever-changing real estate market, it is no simple task to accurately value properties and then find some way of dividing them equitably between the divorcing parties.
Whether you are having a dispute over a family home, vacation home, a commercial property, or any combination of the assets mentioned above, it is highly recommended that you work with an experienced home and property division attorney familiar with NJ’s equitable distribution process, and one who will be able to incorporate assessments made by other financial analysts into their own divorce strategy.
At the Law Office of Townsend, Tomaio & Newmark, our team of attorneys has over 75 years of combined experience helping clients to efficiently and equitably divide properties, homes, businesses, debt, retirement assets, and more. Contact our firm today to learn how we can help.
Asset Division Attorneys Define “Equitable Distribution”
Many states abide by a “50/50” division of property during a divorce, which entitles both spouses to 50% of all marital assets regardless of other factors. New Jersey, however, abides by “equitable distribution”, which takes a litany of factors into account to determine what is a just, but oftentimes not equal, division of owned properties. This determination is made based on the behavior of each spouse, how much each contributed financially, and what each spouse needs in the future.
Equitable division is a complex and grey legal area. Our Paramus asset division attorneys often find that foregoing litigation and attempting to resolve property disputes via mediation, collaborative conflict resolution, or arbitration are attractive alternatives. In this way, we can use our knowledge and experience to come to a mutually beneficial agreement between spouses of what they consider an equitable division of properties without the unknown of a judge’s interpretations of the law.
What Factors Impact how Properties are Divided?
If you and your spouse own property in New Jersey, there are many factors to consider before deciding what is a fair and reasonable equitable division of assets.
- Was the property acquired before, during, or after the marriage? Most times, only property acquired during a marriage is considered “marital property,” except for property that was appreciably contributed to by the non-owning spouse during the marriage. For example, the family home which may have gained value due to the repairs or renovations done or paid for by one of both spouses
- Length of the marriage
- Age and medical condition of each spouse
- Any prenuptial or postnuptial agreements
- The monetary value of each property (this may involve the input of an expert witness)
- The income and earning potential of each spouse moving forward
- Tax implications of transferring, dividing, or selling properties
- Wellbeing and best interests of children
- Standard of living which was held during the marriage
- Outstanding debts held individually or collectively
NJ Property Division Lawyers Assist Clients
The above list identifies only some of the potential complications encountered in the division of assets process. Our Ridgewood divorce lawyers understand the legal intricacies involved in separating years’ or decades’ worth of owned property between spouses. We work with our clients to do the following:
Identify all Marital Property and non-marital property – It may seem as simple as proving the purchase date of properties, but there are several exceptions. One exception to this rule would be an owned business that was founded or purchased before a marriage, which showed considerable appreciation during the marriage. Both spouses may be entitled to that property, particularly if both were involved in growing the business
Value all Marital Property – This may involve the help of an expert witness such as a real estate agent or business industry expert. This step is critical in a fair and reasonable outcome, as under or overvaluing any property can greatly skew any negotiations
Find Appropriate Equitable Division – Finally, a determination must be made of how owned property will be distributed between spouses. Many of our clients choose alternative conflict resolution methods to avoid the courtroom. In any case, our property division lawyers work to protect the best interest of our clients and find the best possible outcomes within state regulations
Contact our Hackensack Equitable Distribution Lawyers for a Free Consultation
At The Law Office of Townsend, Tomaio & Newmark, our attorneys have extensive experience assisting clients through the divorce process in New Jersey. Our team of attorneys is led by three partners recognized as Certified Matrimonial Law Attorneys by the Supreme Court of New Jersey, a distinction held by only 2 percent of practicing lawyers in the state. We understand the stress of going through a divorce. Our team believes in working closely with our clients throughout the process to keep them as informed and involved as possible. To speak with one of our divorce attorneys, contact our firm today.