Dividing Property after a Marital Breakup
When your marriage has ended and divorce is the only option, one of the thorniest issues to resolve can often be the division of marital debts and assets. There’s less emotional turmoil than with custody issues, but some of the assets may be difficult to divide, causing acrimony over whether or not there’s a fair distribution.
For purposes of property allocation in a divorce, New Jersey is an equitable distribution state. If the parties cannot reach an agreement, the court will attempt to divide debts and assets as fairly as possible, though not necessarily equally.
Factors the court will consider when determining what is equitable include:
- the length of the marriage
- the age and physical and emotional health of the parties
- the income or property brought to the marriage by each party
- the standard of living established during the marriage
- any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution
- the economic circumstances of each party at the time the division of property becomes effective
- the income and earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage
- the contribution by each party to the education, training or earning power of the other
- the need of a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects
- the debts and liabilities of the parties
- the contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property, as well as the contribution of a party as a homemaker
- the tax consequences of the proposed distribution to each party
- the present value of the property
- the need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse or children
- the extent to which a party deferred achieving their career goals
- any other factors which the court considers relevant
At the Cintron Firm, LLC, we offer more than 14 years of experience to people in New Jersey facing a broad array of legal challenges, including people who have sustained workplace injuries. Attorney Mark Cintron has worked as a prosecutor and has extensive courtroom experience, so he’s always ready, willing and able to protect your interests before a judge or jury. Contact our office online or call us at 201-791-1333 or (201) 535-0323 to set up an appointment.