Edison Property Division Lawyers

When couples get divorced, there are two types of property division models: community property and equitable distribution. While a few states follow a community property model that divides property equally between the spouses, most states (including New Jersey) follow an equitable distribution model. This means that instead of splitting marital property in half, the court will look at several different factors to decide how the property should be divided between the spouses. The seasoned New Jersey property division lawyers at Arndt, Sutak & Miceli, LLC can advise you on how a court may rule on the types of property involved in your divorce.

Marital Property vs. Separate Property in New Jersey

There are two categories of property: separate property and marital property. Only marital property will be divided in a divorce. Marital property is the property that was acquired during the marriage. This includes a home that was purchased during the marriage or even a car. Furthermore, it can include assets such as a joint bank account. A more uncommon type of marital property might be a home purchased in contemplation of marriage.

Separate property is the property that was obtained before the marriage. Even after a marriage, there can be separate property such as property that was gifted to one spouse or inherited by one spouse.

You should be cautious because separate property can be turned into marital property if the other spouse contributes to the separate property and increases its value. Also, if separate property is combined with marital property (for example putting an inheritance in a joint account) then it may be considered marital property. Our experienced Middlesex County divorce lawyers can advise you concerning these complications.

Equitable distribution also includes the division of debts acquired by one or both parties during the marriage to maintain the marital lifestyle. Those debts might include credit cards, home equity loans, loans against retirement assets, or loans between one party and a third party.

Equitable Distribution Factors

To divide property between spouses, the court will look at several factors to decide how to separate the property fairly.

The factors include:

• The standard of living during the marriage.
• Any marital agreements between the spouses, whether it was a prenuptial agreement.
• The length of the marriage.
• The amount of property or income each person brought into the marriage.
• Any contribution by either party to the training, education, or earning potential of the other spouse.
• The income and earning potential of each person, including their education, work experience, training, and employment skills.
• How long one person has been out of the workforce due to childcare responsibilities and how long it will take the person to obtain an education or training that will get them to the same standard of living as in the marriage.
• The emotional and physical health of each spouse as well as their ages.
• If there is a need to create a trust fund, now or in the future, for a child or spouse for foreseeable medical or educational costs.
• Any tax consequences to each spouse depending on the distribution of the property.
• The economic situation of each person at the time the property will be divided.
• How each person contributed to the acquiring, preservation, appreciation, or dissipation in the value of the property which includes contributions as a homemaker.
• The present value of the property and any debts and liabilities the spouses have.
• How much one spouse put aside their own education or career in order to help the other person to achieve a greater income.
• If one parent has physical custody of the child and needs to keep the marital residence in order to have a home for the child.

Importantly, if there are any other factors that the court considers important, the judge can take that into account as well.

Contact Our Property Division Lawyers Today

If you’re getting divorced, you have a lot at stake, and as property division lawyers, our job is to protect your hard-earned assets. Contact the skilled Middlesex County divorce lawyers at Arndt, Sutak & Miceli, LLC today so we can begin working on your case and building an effective strategy to best serve your interests.