Dividing Assets in a New Jersey Divorce

Posted on 09-19-2015 by
Tags: discovery , Family Law , litigation , Lexis Advance Practice Pages , divorce , Trending News & Topics , lawyer

The law in New Jersey concerning the division of assets in a divorce cases follows what is known as Equitable Distribution.  So in New Jersey, 50%/50% is not automatic as it maybe in a community property state. Some of the key concepts enacted by New Jersey came from The Uniform Marriage and Divorce Act. The two major cases in New Jersey that set out key factors for dividing assets in the Garden State are: Painter v. Painter and Chalmers v. Chalmers.  These cases set out criteria such as: 

  1. Excluding marital fault (cheating/adultery for example) as a factor in determining equitable distribution. 
  2. The contributions of each party to the purchase of the marital home. 
  3. Value of the property
  4. How long the marriage lasted
  5. The financial circumstances of the parties at the time of the division of the assets
  6. What is considered marital property (Property both real and personal bought from the date of the marriage to the date of filing of divorce)
  7. Assets acquired through inheritance and/or gift are not part of the equitable equation
  8. In the 1988 Equitable Distribution Amendment, it is a rebuttable presumption that each spouse made a substantial contribution to the property whether by doing so financially or non-financially (to protect stay at home mothers and fathers, etc). 

It can be very hard for some people to grasp the concept that while one person went to work day and night to achieve a better life, that the non-working parent or partner is entitled to certain finances but the reality is that marriage is a partnership. You win together and you lose together. Divorce can be hard on a person emotionally, financially but with a caring advocate, we can help you navigate through the often time difficult divorce waters. You can visit our website for more information: topjerseycitydivorcelawyers.com or call us on 201-706-7910. 

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