How does New Jersey divide assets in a divorce? The short answer is that the state follows an equitable distribution model. This means the court tries to determine a fair division of property shared between the spouses, considering several factors, so that each party leaves the divorce with an equitable amount of assets. However, division proceedings aren’t always so simple. It’s recommended that you work with an experienced New Jersey divorce attorney to reach a fair outcome.
Understanding Property Division and Divorce Laws
One of the primary components of divorce in New Jersey is the division of marital assets. Over the course of a marriage, each spouse accumulates numerous assets and debts, including real estate property, income and other funds, investments and business interests, vehicles, loans, and more. Any property acquired during the marriage is known as marital property, which must be distributed between the spouses in a divorce.
The goal of the New Jersey divorce courts is to divide the marital estate equitably, meaning as fairly as possible. This means that assets may not be divided 50/50, especially when many properties cannot be evenly split in half, such as the marital home. Typically, separate property is not subject to division.
After valuing all marital assets and debts, the spouses can either propose a division plan or, if not, a family court judge determines how properties are to be distributed. When determining property division, several factors are considered, such as:
- The length of the marriage
- The age, physical, and mental health of each spouse
- The income or property acquired by each party during the marriage
- Each spouse’s standard of living that was established during the marriage
- Whether there’s a valid written agreement between the spouses made before or during marriage that outlines how property distribution is to be handled
- The annual income or earning capacity of each party
- Contributions that each party made to the marriage, including supporting the other spouse’s career, education, or training
- The debts and liabilities of each party
- The tax implications of the proposed distributions
- The present value of the marital property
The rate of divorces in New Jersey in 2024, 5.2 per 1,000 people, was higher than the national average in 2023, 2.4 divorces per 1,000 people. There were more than 672,000 divorces reported across the country.
Why You Should Hire a Divorce Lawyer
You should hire a divorce lawyer because they can help you with asset division, alimony, child custody, and other important divorce issues. A skilled New Jersey divorce attorney can assess the details of your unique circumstances to determine what approach may be ideal in supporting your priorities and goals. If you are looking for a capable and experienced divorce lawyer, look no further than The Montanari Law Group.
At The Montanari Law Group, we take a holistic approach to our cases. Our New Jersey family law attorneys are knowledgeable about all aspects of the divorce process, including property division, spousal support, custody and visitation, child support, and more. We take the time to give your case the proper care and attention it deserves. Whether your marital estate is complex or simple, we consider all factors to determine what would be fair and equitable in your unique situation.
Where Is Asset Division Handled in NJ?
The venue that oversees the proceedings for a divorce case in New Jersey, including the division of marital assets, depends on the county where it was filed and other relevant details. For example, divorce proceedings within or near Passaic County are typically handled by the Superior Court of New Jersey, Chancery Division, Family Part for Passaic County.
The primary courthouse is the Passaic County Superior Court, which is located at 77 Hamilton Street, Paterson, NJ 07505. However, be sure to confirm with your divorce law attorney the address of any courthouses or other venues you should expect to interact with over the course of your case.
FAQs
What Are Examples of Marital and Separate Property?
In New Jersey, marital property is anything acquired by either spouse during marriage, while separate property is any asset acquired by a spouse before marriage or after separation.
Examples of marital property can include the marital home or other real estate purchased during marriage, retirement and investment accounts built up over the marriage, joint or individual debt accumulated during marriage, etc. Separate property may include pre-marital assets, individual gifts, inheritances, and personal injury awards.
How Is Property Division Determined in New Jersey?
In New Jersey, property division is determined by equitably distributing marital property after determining the value of all assets. A property division plan can be proposed by the spouses, such as when the parties mediate or negotiate an arrangement, or if the issue is contested, a family court judge can determine a fair asset division settlement.
Judges consider several factors, including each spouse’s income, contributions to the marriage, and the standard of living established during the marriage.
What Is the Cost of an Asset Division Attorney in NJ?
The cost of an asset division attorney in New Jersey can vary quite a bit depending on where you are located, the experience of your divorce lawyer, the complexity level of your marital assets, how contested the issue is, and other important case information. Some asset division attorneys charge an hourly rate or even require an initial retainer fee. For an accurate estimate of lawyer costs in your case, be sure to ask your legal counsel.
How Long Does Property Division Take in NJ?
In New Jersey, the property division phase of a divorce can take anywhere from a couple of months to several months to a year or longer, depending on how contested the proceedings are, the complexity of the marital estate, and other factors. Relatively simple or uncontested property division cases may only need a few months to settle, whereas complex or highly contested cases can take up to a year or more to resolve.
Speak to an Asset Division Attorney Today
To protect your rights and work toward a fair division of assets, entrust the team at The Montanari Law Group to oversee your property division case. Reach out to us today to schedule an initial consultation with a capable and experienced attorney.
