Whether one is married young or old, many things are brought into a marriage. Even if something is not of much value, when most individuals marry, they are combining their property. For the most part, this is workable, as married couples share most of their assets and property. However, when a couple decides to divorce, this could make it difficult to leave with what one brought in and what they seek to walk away with.
How will property be divided in a New Jersey divorce? New Jersey is an equitable distribution state. This means that it is the judge that decides what is considered to be a fair and equitable split of the property versus simply splitting the property in two. So this very well mean that a 50-50 split will not occur. In some cases, the judge will look at the earnings of each spouse. The higher earning spouse could leave the marriage with two-thirds of the property while the other spouse only gets one-third.
Regardless of how the property is split, in order for it to be equitable and fair, the property must be valued. However, before that can occur, it must be determined what property is up for division. If something is considered separate property, this will remain with that spouse and will not be divided. This can include property that was acquired before the marriage, gifts, court awards, inheritances and the proceeds of a pension. Thus, property considered to be marital as well as property purchased with comingled funds will be up for division.
The property division process can be complex, overwhelming and emotional. The divorce process is often a lot to take on, and dividing property can be a very contentious divorce issues, Therefore, it is important for spouses going through a divorce to understand how to move forward with this process and to protect his or her rights throughout it.