When a couple files for divorce in New Jersey, the court will divide their assets in accordance with the concepts of equitable distribution. This indicates that the marital property will be divided fairly and equitably by the court. This contrasts with states that have community property laws, where the court would divide the marital estate equally.

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Marital property is any asset or property gained by either spouse during the marriage, according to New Jersey law. This includes any assets amassed during the marriage, like as real estate, investments, bank accounts, retirement accounts, vehicles, and other items. It excludes any assets that were amassed prior to the union or assets that were transferred to just one spouse, such as an inheritance.

When deciding how to divide the marital estate, the court will take into account a number of variables. These include the length of the marriage, the age and health of each spouse, their prospective earnings now and in the future, and any financial differences between them. The court will also take into account any financial misbehaviour committed during the marriage, such as misusing or concealing marital property or utilising it for non-marital reasons.

 

The court will aim to balance the financial contributions made by each spouse to the marriage while determining an equitable allocation of marital assets. This covers both financial and non-financial donations. For instance, if one spouse stayed at home to take care of the kids, the court can give them a bigger share of the marital assets to make up for their sacrifice.

The court may also provide one of the spouses spousal maintenance, sometimes known as alimony. The purpose of alimony is to assist a spouse who might be struggling financially after the divorce. When deciding whether either spouse should receive alimony, the court will take into account the length of the marriage, the earning potential of each spouse, and any financial misbehaviour throughout the marriage.

An experienced divorce lawyer should be consulted when considering how to distribute assets in a divorce. Your rights and responsibilities under the law can be better understood with the aid of a divorce attorney, who can also work to ensure that you obtain a just and equitable division of your marital assets.