Dividing property is among the most hotly-contested issues in divorce. For this reason, having a team of skilled property division lawyers in your corner is paramount. The Bergen County divorce lawyers at Feitlin, Youngman, Karas & Gerson, LLC stand ready to effectively fight for your hard-earned assets and ensure your rights are protected, every step of the way. Contact us today.
Equitable distribution refers to how assets acquired during a marriage are divided when a couple divorces. This includes household items, vehicles, retirement accounts, real estate, and any other property accumulated during the marriage.
Typically, assets are valued from the date of marriage until the filing of a divorce complaint, although couples may agree to different valuation dates. Disagreements over specific assets can increase tension and legal costs, especially when emotions like spite drive decision-making.
It’s important to understand that “equitable” does not mean “equal.” Instead, it refers to what the court deems fair, based on various factors.
New Jersey recognizes virtually all property acquired during the course of a marriage to be marital property. This is important because all marital property is subject to equitable distribution in a divorce. This can include the marital home, funds held in bank accounts, and more.
On the other hand, separate property is generally not subject to equitable distribution. Separate property includes property obtained prior to or outside of a marriage, such as an inheritance or a gift.
When determining how property will be divided in a divorce, courts will consider a variety of factors. Just some of those are as follows:
By weighing these considerations, the court strives to reach a decision that is fair, even if it’s not necessarily an equal split.
Don’t face the equitable distribution process alone; hire a team of skilled property division lawyers who can effectively advocate for your interests. Contact Feitlin, Youngman, Karas & Gerson, LLC today so we can begin building a strategy for your case.
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