New Jersey’s equitable distribution statute governs the division of couples’ marital assets during the divorce process. An equitable distribution does not necessarily have to be equal, and there are various circumstances in which an unequal distribution will be warranted. An experienced Bridgeton family lawyer can help apply New Jersey’s equitable distribution criteria based on the specific circumstances of your divorce.
When going through a divorce in New Jersey, dividing your marital assets is a key part of the process. Unless you and your spouse entered into a prenuptial or postnuptial agreement, you will need to divide your marital assets in accordance with New Jersey’s equitable distribution statute.
While New Jersey’s equitable distribution statute focuses on ensuring that both spouses receive a fair outcome, it doesn’t necessarily focus on equality. “Equitable” doesn’t necessarily mean “equal,” and an unequal distribution may be warranted for various reasons. Once you hire an experienced Bridgeton family lawyer to represent you, your lawyer can help ensure you receive a fair outcome based on the specific circumstances of your divorce.
What Are New Jersey’s Equitable Distribution Criteria?
To determine what is fair, divorcing spouses must apply New Jersey’s equitable distribution criteria. These criteria appear in Section 2A:34-23.1 of the New Jersey Revised Statutes. Since these are the criteria judges consider when divorcing spouses go to court, they are also the criteria spouses must consider when working to achieve an amicable resolution. The general criteria in Section 2A:34-23.1 include:
- The duration of the marriage
- Each spouse’s age
- Each spouse’s emotional and physical health
- The income and property that each spouse brought into the marriage
- The standard of living the spouses established during the marriage
- Each spouse’s anticipated economic circumstances at the time of their divorce
- Each spouse’s debts and other liabilities
- Each spouse’s income and earning capacity
- The extent (if any) to which each spouse contributed to the other’s income and earning capacity
- The extent (if any) to which either spouse deferred their career goals during the marriage
Section 2A:34-23.1 includes several property-related criteria as well. Along with the criteria we just listed, divorcing spouses must also consider:
- Each spouse’s contributions to the acquisition, dissipation, appreciation and depreciation of their marital estate
- The present value of the property in the spouses’ marital estate
- The tax consequences of distributing the spouses’ marital assets
For divorcing parents, Section 2A:34-23.1 also calls for consideration for “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.”
These criteria are not necessarily exclusive. Section 2A:34-23.1 allows a judge to consider “[a]ny other factors which the court may deem relevant,” and this generally means that divorcing spouses can consider other relevant factors as well. With that said, divorcing spouses must ensure they are truly considering relevant factors and give due consideration to each of the specific factors discussed above.
What Qualifies as a “Marital Asset” in New Jersey?
You may have noticed that our discussion above focuses specifically on “marital assets.” While divorcing spouses’ marital assets are subject to equitable division in New Jersey, their “separate assets” are not.
As a general rule, any assets acquired during a marriage will qualify as marital assets that are subject to division in the event that the spouses get divorced. Conversely, any assets acquired before the marriage will typically qualify as one spouse’s separate property. But there are exceptions on both sides, and as you prepare for your divorce, it will be important to work closely with your divorce lawyer to ensure that you know which assets are (and aren’t) on the table.
FAQs: Preparing to Divide Your Property During Your Divorce
How do I determine which assets are “marital” and “separate?”
You can begin by making lists of any assets that you and your spouse owned before you got married. These will most likely account for the majority of your (and your spouse’s) separate assets, though exceptions apply. You should also make a list of the assets you acquired during your marriage. These assets will generally be subject to division in your divorce, though exceptions may apply here as well.
What if my spouse disagrees about which assets are “marital” and “separate?”
If you and your spouse disagree about which assets are subject to division in your divorce, your lawyer can help gather relevant documentation and assess your respective rights under New Jersey law. These types of disagreements are not uncommon, and in most cases, they can be resolved amicably without the need to go to court.
When should I hire a lawyer if I am preparing to go through a divorce?
We recommend hiring a lawyer as early in the process as possible. Preparing for a divorce takes time, and it is important to ensure that you are making informed decisions in the early stages of the process. If you make flawed assumptions about your property rights or overlook assets that are subject to distribution, this could lead to unnecessary challenges in the future.
How We Help Divorcing Spouses in New Jersey
From identifying separate and marital assets to helping divorcing spouses apply New Jersey’s equitable distribution criteria, we assist with all aspects of dividing couples’ marital estates during the divorce process. We also assist with establishing parenting time, child support, and spousal support. If you are preparing to go through a divorce, we can guide you step-by-step and help you feel confident that you are making sound decisions with your future best interests in mind.
Schedule a Confidential Initial Consultation with a Bridgeton Family Lawyer Today
If you would like to speak with an experienced lawyer about your upcoming divorce, we invite you to get in touch. To schedule a confidential initial consultation with a Bridgeton family lawyer at Helmer, Conley & Kasselman, P.A., give us a call at 877-435-6371 or inquire online today.