To protect your rights to property and assets in a divorce, get our Freehold, NJ divorce attorneys on your side.
Going through a divorce in Monmouth County is one of the most challenging experiences you could face. In addition to the emotional turmoil surrounding the end of your marriage, there are practical matters that must be dealt with before a final divorce order can be issued. One of the most important concerns is the division of marital property. Find out more about what property in your estate might be at risk in your divorce.
Equitable Division of Marital Property in a Freehold, NJ Divorce
During divorce proceedings in New Jersey, any property and assets earned, acquired, or otherwise accumulated over the course of your marriage must be divided between you and your spouse. The court aims for equitable distribution, meaning that rather than split everything on a 50/50 basis, the goal is to reach an agreement that is fair to both people involved. Under the New Jersey Statutes, factors to consider in making these arrangements include:
- The length of the marriage;
- The total income and earnings of each party;
- The total amount of premarital assets each possesses;
- Their contributions to the marriage and in maintaining the marital property;
- Any marital misconduct, which could have resulted in a depletion of marital assets.
Marital property subject to equitable division includes homes, land, cars, household furnishings, money in financial accounts, and retirement benefits.
Items That May be Excluded from Marital Property Division
When filing for divorce in Freehold through the Monmouth County Superior Court, you and your soon-to-be ex-spouse are required to submit financial disclosure forms, detailing all of the items you own both individually and as a couple. As stated above, any assets that are part of your estate and were acquired during your marriage are subject to the rules of equitable division.
However, there are certain items that may be excluded. These include premarital businesses and partnerships, private estates, such as a family farm, ranch, or vacation home, family inheritances, and any items you owned prior to your marriage. While these items may be excluded from marital property division in your divorce, factors that could put them at risk include:
- An individually owned business at which your spouse worked either on a paid or unpaid basis or contributed ideas;
- A private estate at which they invested money in or helped in maintaining;
- A family inheritance in which funds were kept in joint accounts;
- Premarital assets that become comingled or changed titles after your marriage.
Get The Trusted Legal Guidance You Need from Our Freehold NJ Divorce Attorneys
When dealing with disputes concerning property and assets during a divorce, get Lomurro Law on your side. We provide the trusted legal guidance you need to protect your rights, helping you get what you are entitled to in any settlements. To request a consultation, call or contact our Freehold, NJ divorce attorneys online today.