Bergen County NJ Division of Assets Attorneys
Divorce and Family Lawyers with Offices in Hackensack, New Jersey
When entering into a marriage, many couples adopt a “what’s mine is yours” mentality, sharing bank accounts, expenses, retirement funds, health insurance, and a variety of assets and debts that range from mortgage loans to credit cards. Due to the vast array of physical property, such as vehicles and jewelry, and intangible assets such as stocks and bonds, that you may accumulate with your spouse during your marriage, the financial considerations that factor into an appropriate marital settlement agreement can be highly complex. In fact, the process known as “division of assets,” is among the most intricate and contentious of the divorce process as a whole, spelling long-term implications for your lifestyle and financial future. Fortunately, these waters are entirely navigable if you have a knowledgeable and experienced divorce attorney who can effectively chart your course, ensuring that you are neither exploited nor deprived of the property to which you are entitled.
At Townsend, Tomaio & Newmark, our skilled team of attorneys is dedicated entirely to the practice of divorce and family law. In fact, we are specialized in division of assets and complex property distribution, having accumulated a wealth of knowledge in this realm with our over 75 years of combined experience. 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. Their levels of experience, education, knowledge, and skills in matrimonial law have earned them this distinction within the legal community and more importantly, have served countless clients who have achieved desirable divorce settlements along the way. To speak with one of our talented division of assets lawyers today, contact our Bergen County offices at 201-397-1750 for a free consultation. A proactive approach to these matters can be invaluable as you pursue a favorable property settlement.
Division of Assets in New Jersey: Equitable Distribution
First and foremost, it is important to understand the principle that governs the division of assets process in New Jersey, known as “equitable distribution.” Essentially, this means that all assets and debts obtained during a marriage must be fairly and equitably divided as the marriage is dissolved. Note that equitable does not necessarily mean equal in terms of distribution. To learn which factors are considered during equitable distribution, view our Equitable Distribution of Property Factors page.
When confronting the division of assets process, one must also understand the distinction between marital property and separate property. Marital property refers only to the assets that were acquired during the marriage, while separate property refers to the assets with which you came into the marriage. The division of assets process is confined to marital property, meaning that your separate property is not subject to equitable distribution under New Jersey law. Assets acquired during the marriage must be evaluated based on the nature of the asset and its assessed value before it can be properly divided. For additional information regarding types of assets that may fall under the purview of marital property, view our Complex Property Division page.
Investigating Assets and Reaching an Equitable Property Division in New Jersey
Our approach to every property division case, regardless of the size of the estate, is proactive and exhaustive. It is our primary concern to identify each and every marital asset in order to ensure that your financial interests are thoroughly protected. These assets may encompass bank accounts, retirement assets, businesses, real estate, paintings, vehicles, jewelry, and many other items of both personal and financial value. After identifying these assets, we may work with real estate assessors, property appraisers, and business experts to ensure that each asset receives the most accurate value determination before be proceed with asset division discussions.
There are several methods through which asset division can be accomplished, each of which has positives and negatives that may be applicable depending on the circumstances of your specific situation. These include:
- Negotiations between you and your spouse
- Negotiations between your respective attorneys
- The collaborative divorce process
- Litigation in court
Your attorney should explain each of the avenues available to you and work with you in order to determine the best course of action for your unique needs and priorities.
Contact our Division of Assets Lawyers for Immediate Assistance
The first step toward achieving a favorable property settlement in your divorce is to arm yourself with as much information as possible. During these proceedings, knowledge is power and an experienced New Jersey divorce lawyer can serve as your most valuable asset toward a desirable outcome. To find the answers to your questions and begin planning for a secure financial future, contact our Hackensack offices anytime at 201-397-1750.