What Assets Can I Keep in a New Jersey Divorce?

Though divorce is a complicated process, both emotionally, legally, and financially, a compassionate, experienced New Jersey divorce attorney can make the process so much easier. If you are now getting a divorce, you are most likely concerned about whether you can keep certain assets, like your house or car, and whether you will be able to support yourself without your spouse’s paycheck in the picture. If you are getting a divorce in New Jersey, please read on to learn more about what’s at stake and how we can help.

What does litigation mean?

The term “contested divorce” is used to describe a divorce wherein both spouses cannot agree on its terms. Spouses who are in contested divorces generally have to go through the litigation process. Divorce litigation usually involves both spouses and their attorneys. Each side will state its case regarding why they feel their proposed terms are more practical, fairer, etc. Unfortunately, as you can imagine, this is oftentimes a hostile experience, which is why many couples seek to avoid it through mediation. However, if you are unable to do so, then the courts will most likely determine which of your assets are marital property, and which are separate in a process known as “equitable distribution.”

What do New Jersey courts consider marital property?

Marital property refers to all property accumulated throughout the course of your marriage. Generally, this property is subject to equitable distribution, meaning it will be distributed between spouses as the court sees fit. This can include your house, retirement funds, and more. Unfortunately, courts are not always correct in their estimations, which is why you need an experienced attorney on your side. You should also note that though separate property (gifts, inheritances) is generally exempt from divorce, however, there are exceptions at times.

How do courts determine who is entitled to certain assets in a divorce?

There are various contributing components to the court’s ultimate decision regarding who gets what assets. However, some of the most common aspects will include your yearly incomes, whether you have children together, the duration of your marriage, who the financially dependent spouse is and whether he/she requires alimony or child support, and more. New Jersey courts may also consider you and your spouse’s age and health, the value of your property, whether you jointly own a business, and more. Do not risk entering the litigation process alone. Our firm is ready to help.

Contact our experienced New Jersey firm

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, please do not hesitate to contact The Law Offices of George J. Mardinly to schedule a consultation.