There are few processes in life more complex than divorce, both emotionally, legally, and, of course, financially. Oftentimes, when spouses get divorced, they find themselves facing certain financial difficulties due to the equitable distribution process and if you are ready to get divorced, there is a very good chance that you are worried about what will happen with your assets when it comes to property division. Our experienced Bergen County divorce attorneys are here to answer your questions and guide you through every step of the process ahead. Here are some of the questions you may have:
How is marital property different from separate property?
Essentially, when courts analyze your assets in a divorce, they will break them down into two primary categories: marital assets and separate assets. Separate assets include assets that were obtained outside of or before marriage, and generally, these assets are not involved in the property distribution process. That being said, marital assets include all other assets obtained over the course of a marriage, including the marital home, certain vehicles, and more. These assets are generally subject to equitable distribution. In many cases, equitable does not mean equal, and if you are someone who believes you are entitled to certain assets, you need to have an attorney on your side with the knowledge and skill needed to effectively fight for them on your behalf.
How do NJ courts determine who gets what in a divorce?
Some of the most important factors NJ courts will consider are as follows:
- You and your spouse’s yearly income
- The value of your property/the value of your home
- The standard of living established in your marriage
- Whether you and your spouse have children
- Your earning potential/education
- Whether you will require alimony payments
- Your age and health
You should understand that if you are already married, though you are not yet divorced, you can protect your assets from the property distribution process by drafting a postnuptial agreement. This agreement can outline exactly what will happen with certain assets, should you ever decide to get divorced in the future. Our firm can assist you, no matter where you are in the process. All you have to do is pick up the phone and give us a call.
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.