If you are someone who is ready to get divorced, you are most likely concerned about whether you will be allowed to keep certain assets, such as your home, car, or otherwise. Please continue reading and reach out to our experienced Bergen County divorce attorneys to learn more about the equitable distribution process and how we can help you through it. Here are some of the questions you may have:
What is the difference between marital property and separate property?
When a couple gets divorced, their property will be broken down into two categories: separate property and marital property. Essentially, separate property includes property that was acquired before or outside of your marriage, such as personal gifts or inheritances. However, marital property, on the other hand, includes all assets acquired during a marriage, such as your home, your car, and other critical assets. Generally, separate property is not included in a divorce, however, marital property is usually subject to equitable distribution. Unfortunately, equitable does not necessarily mean equal. New Jersey courts will generally divide your assets based on what they see as a fair distribution of assets, which means some of your most important assets may be on the line.
How do courts decide who gets what in a divorce?
They will consider various factors of your life, including the following:
- How much money you and your spouse make yearly
- The marital standard of living
- Whether you have children
- Whether one spouse requires alimony or child support
- Both spouses’ earning potential
- You and your spouse’s age and health
- How much your property is worth
- Any other factor they deem relevant
Can I protect certain assets from my NJ divorce?
Fortunately, with certain plans in place, you can. For example, if you are someone who is not yet married, you may draft a document known as a prenuptial agreement. This document will outline what will happen with certain assets, should you ever get divorced. If you are already married, you may still draft a postnuptial agreement, which essentially serves the same purpose as a prenuptial agreement. If you have any additional questions, please do not hesitate to give our knowledgeable New Jersey divorce attorneys a call today. We are always here to help.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.