Couples who are going through a divorce in New Jersey will have to address a number of different matters. One of the most frequently asked questions that a divorcing couple has is related to how their property will be divided amongst each spouse. Of course, dividing property is often contested because many times, neither spouse will want to part with their belongings. In New Jersey, property is divided through a process known as equitable distribution. It is important to note that only marital property is divided during the equitable distribution process and separate property will be exempt from division. Marital property consists of any property that was acquired throughout the course of the marriage while separate property can include anything that the spouses had before getting married or was kept separate during the marriage.
There are a number of different factors that the court will take into consideration during the equitable distribution process. Some of these factors include:
- The length of the marriage
- The contribution of each spouse to the marital property
- The age and health of each spouse
- The tax consequences that each spouse may be faced with
- The economic situation of each party
If you have questions about how property will be divided in a divorce, contact our firm today.
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.