Equitable Distribution Attorney in Red Bank, New Jersey
One of the most significant topics of divorce is the division of assets, also known as property distribution. Simply put, property distribution is the allocation of possessions during a divorce case. Because possessions come with some degree of emotional ties, a divorce based on the division of assets can quickly become heated. Fortunately, some couples can come to an agreement about this matter. Other times, the difference of opinion is overwhelming, leading to a courtroom. There have been countless cases based on this topic, even while everything else has been fully agreed to. When property distribution is a contested factor in your divorce, it is important to consult with an experienced attorney. Our firm has been a legal resource for the people of New Jersey for over 20 years. We understand what is at stake and will fight for your future. If you are facing divorce, our firm is here to help. Contact The Law Offices of George J. Mardinly for a consultation to discuss your legal matter further.
Understanding marital and separate property
New Jersey courts will decipher between marital and separate property before allocating assets. Marital property is any asset acquired during the marriage or separate property converted into marital property by being brought into the marriage. Separate property is any asset or debt acquired before the marriage or agreed to be separate before vows are exchanged. Separate property also refers to specific property acquired during the marriage, including gifts and inheritance.
Equitable distribution
New Jersey is an equitable distribution state. After the court establishes marital property, said property will be allocated in a fair and just manner. While most people believe that their property will be split evenly, this is often not the case. Assessing many factors related to the marriage and each party, the court will make a determination that is equitable; fair and just. Some of the many factors that can impact a case include:
- Contribution to the marital property
- Age and health of the couple
- Economic situations
- Tax consequences
It is important to note that fault grounds will have little to no impact on the decision. If your spouse cheated on you, it will most likely not award you with a higher percentage of the assets. Other actions may. Economic fault can play a large role in the decision. If your spouse purposefully wasted assets or manipulated his or her financial situation in any way because of the divorce, the court may decide against that person in favor of the other.
Contact an experienced property distribution attorney
The Law Offices of George J. Mardinly has over 20 years of experience helping clients through tough divorce matters. It is important to have quality legal support when facing such a serious topic. We understand the stress you may feel confronted by an uncertain future. If you need an attorney that will zealously represent your legal needs in and out of court, contact The Law Offices of George J. Mardinly for a consultation.