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When a married couple decides to seek a divorce, it becomes necessary for them to divide the assets and wealth they have both worked so hard to acquire and grow. This process is known as equitable distribution, and is the division of marital assets and liabilities between divorcing spouses that is fair to both parties in light of the circumstances of their marriage.
Many people wrongly assume that equitable distribution means a 50-50 split. In reality, the goal of equitable distribution is to achieve a split of assets and liabilities that are fair to both spouses in light of the economic history of the marriage, the spouses’ respective personal and financial situations, and their financial, emotional, and labor contributions to building the wealth of the marriage.
If You Need Assistance With Equitable Distribution And Have Questions? We Can Help, Tell Us What Happened.
Equitable distribution can be a complicated task, particularly when couples have significant or complex assets and/or liabilities to distribute. If you are in the middle of an equitable distribution proceeding, contact the New Jersey divorce attorneys at Team Law today for a no-cost initial case evaluation to learn more about your legal rights and options.
Under New Jersey statutory law, a court deciding the issue of equitable distribution between divorcing spouse is required to consider the following factors in rendering its decision:
In addition to these factors, courts are expressly authorized to consider other factors relevant to the particular couple.
Regardless of whether both you and your spouse worked or whether one spouse was the “breadwinner” while the other was the “homemaker”, both you and your spouse have contributed to building your life and wealth together. When you choose Team Law to represent you during equitable distribution proceedings, you can expect that our attorneys will work tirelessly to argue for an equitable distribution arrangement that properly reflects your contributions to the marriage and ensures that you are able to keep your hard-earned wealth. Our skilled attorneys can help you negotiate postnuptial or property settlement agreements that can also include alimony or other support in conjunction with equitable distribution that can help you keep what’s most important to you. And if equitable distribution must be turned over to the courts, our experienced litigators will vigorously advocate for an equitable distribution award that achieves your goals and interests.
When you work hard in building a life and a home during your marriage, you understandably will want to keep the wealth and assets that you believe rightly belong to you. Equitable distribution is often one of the most complicated parts of any divorce proceeding. You need experienced legal representation who can ascertain the extent of your and your spouse’s property and advocate on your behalf to walk away with that part of the marital estate that you fairly deserve. Contact the New Jersey equitable distribution attorneys at Team Law today for a free, no-obligation consultation to discuss how we might help protect your rights and interests in your equitable distribution matter.
Ownership interest in a business is considered an asset, so the court will first need to determine whether the ownership interest is separate property or marital property. The court may find that only a portion of the value of a business ownership interest is marital property (such as the increase in value of the business during the marriage). Usually, the court will offset the value of any business interest deemed marital property from the owner spouses equitable distribution, so that he or she may keep ownership of the business without the need to split ownership interests between divorcing spouses or to liquidate the business to split the value.
If there is a piece of property you own that has some sentimental value to you, such as jewelry or a piece of real estate, it is critical that you alert your attorney as soon as possible so that counsel can begin to take steps to protect your rights to that property. An attorney may be able to establish that the property is separate property (such as if you received it through an inheritance). Even if it is determined to be part of the marital estate, we may be able to argue for awarding the property to you in equitable distribution, in exchange for your spouse receiving cash or other property of equivalent value as part of the equitable distribution.
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Family Law Information Center