In today’s society, divorces have become fairly common as there are less stigmas discouraging couples. Divorces can be extremely intricate legal processes as there is a lot to mull over including the division of assets. When it comes to the division of assets in a divorce, marital property may be divided between both parties either equally or fairly. Essentially, depending on the state a couple seeks a divorce in, the division of assets will either fall under community property or equitable distribution rules and regulations. Divorces have a lot at stake. If you are seeking a divorce, contact a determined Monmouth County Property Distribution Attorney who can help protect your hard-earned assets as well as help you receive a fair split of your marital property.
What is the difference between community property and equitable distribution states?
Divorces are extremely stressful and overwhelming as a lot is at stake. In a divorce, marital property is divided between both parties. Depending on the state a couple resides in, the division of marital assets may fall under community property or equitable distribution. Essentially, this means that the couple’s marital assets will either be divided equally or fairly.
- Community property. In community property states, marital assets are divided equally (50/50). Under community property rules, all assets that were accumulated during the marriage are considered community property meaning both parties jointly share all marital property. This does not include any separate property that was accumulated outside of the marriage.
- Equitable distribution. In equitable distribution states, marital assets are divided equitably and fairly. Under equitable distribution rules, the court will evaluate and assess relevant components of the divorce to determine a fair division of marital assets. Fair does not mean equal in this case. Typically, divorces that fall under equitable distribution are not split 50/50 between both parties. However, if the court deems a 50/50 split is appropriate and reasonable, the couple’s marital property may be equally split. In some cases one party may receive a substantially larger portion of the marital assets. This is because the court may deem it is the only fair outcome when assessing a couple’s assets and debts.
New Jersey is an equitable distribution state. This means that couples that get divorced in New Jersey will have their marital property divided fairly, not necessarily equitably. Regardless of whether a state falls under community property or equitable distribution, couples going through a divorce will have their marital property split between both parties. However, not all assets are up for division. Marital property refers to any assets that were accumulated during the marriage. Separate property refers to any assets that were accumulated before or after the marriage. Separate property which may include inheritances or gifts is not included when dividing a couple’s marital assets in a divorce. Unless, however,otherwise stipulated in a prenuptial or postnuptial agreement.
Unfortunately, marriages sometimes fail. When this happens it is critical for individuals to acquire the right legal representation. If you are seeking a divorce, contact one of our experienced attorneys who can help ensure you receive a fair portion of your marital assets.