What Assets Can I Keep in a New Jersey Divorce?

What Assets Can I Keep in a New Jersey Divorce?

There are few things more complicated than divorce. Divorce is complicated financially, emotionally, and, in some cases, legally. If you are someone who is getting a divorce, you are most likely worried about whether you will have to leave your home, whether you can keep your retirement funds, whether you will have enough money to care for your children, and more. Please read on and speak with our experienced Bergen County divorce attorneys to learn more about how we can help you through the process.

What does “divorce litigation” mean?

Though many spouses would prefer their divorce to be a “clean break,” so to speak, this is not particularly common. Instead, couples tend to want different items and assets in their divorce, and this is known as a contested divorce. Generally, contested divorces will start the litigation process. Litigation is the process by which you, your spouse, and your attorneys will appear in court to hash out all your divorce-related disagreements. Unfortunately, this process is often long, costly, and rather hostile. That is why you will need a compassionate attorney who can aggressively fight for your rights when it counts.

What property will get divided in a divorce?

When you and your spouse are in a contested divorce, your marital property will be subject to equitable distribution. Rather simply, this means that New Jersey courts will split all (or most) of the property accumulated during your marriage. This can include your house, cars, additional shared properties, retirement funds, and more. Though some property is generally exempt from divorces, such as inheritances and gifts, there are certain cases where this may change. Do not make the mistake of entering the divorce process without an experienced attorney on your side.

How will the courts decide who gets to keep certain assets in a divorce?

New Jersey courts will evaluate various aspects of your and your spouse’s lives before deciding on the outcome of your divorce. Some of the primary concerns courts will have when it comes to who gets what assets include each spouse’s yearly income, whether the couple has children (and if so, their child custody terms), both spouses’ age and health, the length of your marriage, and more. An experienced Bergen County attorney can work to ensure the courts hear your case and reach a fair outcome.

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 moving out of your marital home during your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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