Somerset County Asset Division Lawyers
Experienced Legal Assistance with Equitable Distribution in New Jersey
What is Equitable Distribution in New Jersey?
New Jersey is an "equitable distribution" state, meaning that New Jersey family courts distribute marital property fairly but not equally. New Jersey is not a 50-50 divorce state.
This does not mean it will be a 50/50 split, the court will examine many factors that help influence the decision, including:
- The length of the marriage
- The contributions of each spouse during the marriage
- The income of each spouse
- The age, health, and well-being of each spouse
Often mortgages, home equity lines of credit, auto loans, charge accounts/credit cards, and other liabilities need to be addressed and allocated. Here at Lane & Lane, LLC, we focus on a fair and equitable allocation of all such liabilities.
Principles of Equitable Distribution in New Jersey Divorces
When a married couple acquires property, they essential share ownership rights to such property. Sharing ownership is not problematic for the couple when they live together. However, when a couple decides to get divorced and live separately and apart, it is not feasible for them to continue sharing their marital property as they did when they were married.
As a result, the couple must decide how to divide marital assets between themselves upon divorce. If the couple cannot agree on how to divide these assets, the court must equitably distribute their marital assets.
However, an “equitable” distribution of marital assets does not always mean that the court will “equally” divide marital assets between the parties. Instead, a court must consider the specifics of each case to determine a split that is fair and “equitable” under the circumstances.
Among the factors that courts will consider for purposes of equitable distribution include the marital debts that the marriage incurred.
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