Divorce can be a lengthy process since it covers several issues such as spousal support, child custody and division of assets. While these topics have their fair share of complexity, the division of assets can put parties under much stress since it involves a lot of assets and properties to calculate.
Understanding how the division of assets is conducted in New Jersey may help ease the worries of the ex-spouses.
In New Jersey, family courts distribute assets fairly and equitably between spouses. However, fair and equitable division does not necessarily mean that each party will get an equal share of the marital assets. The courts consider several factors to determine the share of each party.
Moreover, the division of assets is not always physical. Typically, the courts award each spouse a percentage of the total value of all assets and properties.
New Jersey divorce law lists the criteria courts may use to determine the equitable share of marital assets. This includes but is not limited to the following:
- The length of the marriage
- Each spouse’s age and health condition
- Each spouse’s income and income capacity
- Each spouse’s educational and professional background
- The marital lifestyle
- The time spent by each spouse performing homemaking duties and caring for the children
- The market value of properties
- Existing debts and liabilities
While the list set by law is not exclusive, it is extensive enough for courts to decide on the appropriate division of assets.
The division of property can be a complicated process. Knowing how equitable division works and what the court’s determining factors are can help parties understand the process better.