Equitable Distribution Attorney in Red Bank Assists Clients with Dividing Assets in Divorce in Monmouth County, Ocean County, Middlesex County, and Throughout NJ
When couples get divorced, disentangling finances includes splitting marital assets. But putting money on the line often leads to contentious disputes. You and your spouse want to receive your fair share, reflecting the hard work you put into building your family and wealth. A New Jersey division of assets lawyer from our firm can help you protect your financial interests and advocate for your right to an equitable share of the marital estate. Our top-rated family law group’s experienced attorneys will aggressively pursue the best possible outcome for you in equitable distribution.
Contact Joseph J. Russell Divorce & Family Law Attorney, for a case review to speak with an equitable distribution attorney in Red Bank about your rights and options when dividing assets and liabilities with your ex in a divorce. Let our firm advocate for your financial interests to help you begin the next chapter of your life.
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What Is the Marital Estate?
The marital estate refers to all assets and liabilities acquired by spouses during the marriage, including property in the name of only one of the spouses. The law also includes debts incurred to benefit the family or marital home in the marital estate. The marital estate excludes any property owned by each spouse before the marriage and specific categories of property acquired during the marriage, including gifts and inheritances. However, separate property may become part of the marital estate if the spouse who owned the property commingled it with marital assets, such as contributing an inheritance to the purchase of the marital home. In equitable distribution, spouses or the court must divide marital assets and liabilities fairly, though not always evenly.
Examples of property included in the marital estate include:
- Real estate
- Vehicles
- Bank accounts
- Brokerage accounts and securities
- Retirement accounts and pensions
- Business ownership interests
- Insurance
- Jewelry, artwork, collectibles, and other valuables
- Social security and other government benefits
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What Factors Must Courts Consider When Dividing Assets?
New Jersey law requires courts to consider certain factors when deciding the issue of equitable distribution. These factors include:
- The duration of the marriage
- The age and physical/mental health of the spouses
- The income and assets brought to the marriage by each spouse
- The standard of living enjoyed during the marriage
- Any prenuptial/postnuptial agreements executed by the spouses
- The financial situation of each spouse at the time of divorce
- The respective income and earning capacity of each spouse, accounting for each spouse’s education, training, work experience, absence from the job market, and time needed for either spouse to acquire education or training to obtain employment that provides sufficient income to support the same standard of living enjoyed during the marriage
- Any contributions by either spouse to the education, training, or earning capacity of the other spouse
- Each spouse’s contribution to the acquisition, preservation, or appreciation/depreciation of any marital property, including contributions made as a homemaker
- The tax consequences of any contemplated equitable distribution
- The present value of marital assets
- The need for either spouse with primary custody of a child to own or occupy the marital residence or own/use the household’s goods
- The couple’s debts/liabilities
- The need for a trust to support foreseeable medical or educational costs incurred by either spouse or their children
- The extent to which either spouse deferred their career goals to support the marriage and family
Finally, the law allows courts to consider other factors relevant to a couple’s situation. New Jersey law also imposes a rebuttable presumption that each spouse made a substantial contribution, financial or otherwise, to the acquisition of property during the marriage.
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How Can a New Jersey Division of Assets Lawyer Help You Protect Your Financial Interests in Divorce?
Equitable distribution often becomes the most contentious issue in divorce since spouses often have strong feelings about their “fair share” of the family’s assets and wealth. An equitable distribution attorney can help make the process of dividing assets easier and less complicated for you by:
- Gathering your and your spouse’s financial records and information to understand the full extent of the marital estate
- Explaining your legal rights and options to you
- Negotiating on your behalf with your spouse or their attorney to try to settle the equitable distribution issue
- Balancing assets and liabilities to ensure you receive an equitable portion
- Advocating for the exclusion of your separate property from the division of assets
- Arguing in court for your fair share of the marital estate if you choose to go to trial on the issue
Contact an Equitable Distribution Attorney in Red Bank for a Confidential Consultation to Learn More About Your Rights As You and Your Spouse Divide Assets in Divorce
Don’t leave your financial security to chance when dividing assets in a divorce. Contact New Jersey division of assets lawyer Joseph J. Russell for a confidential consultation to learn more about how our firm can assist you with protecting your rights and interests during equitable division.