New Jersey law sets the tone for how property splits during a divorce. While some states subscribe to a community property concept, the Garden State utilizes equitable division.
Our firm intends to educate those contemplating divorce on what shape their financial picture may take once the dust settles. Explore some of the elements a court may examine when dividing your marital property.
Equitable distribution basics
In states such as New Jersey, equitable division means the parties’ property divides in a way that is fair to both. This does not mean it is equal, but rather the point of this concept is to make the division fair. There are several factors that a judge uses to determine what this means.
Duration of the marriage
How long the marriage existed plays a role in how a judge will rule to split assets. The longer the marriage, the more each person put into it. A shorter marriage may yield an equal split, especially if there are no children.
Contributions by each party
The work each spouse put into the marriage plays a significant role in a judge’s determination as to how money divides. Contributions do not include only financial ones, but also emotional and emotional ones. Did one spouse sacrifice a career to care for children and allow the other to advance? Was one spouse keener on providing emotional support or content with distance? These things will help a judge understand each person’s input and work for the relationship.
Splitting assets does not have to mean giving everything up. If you want further assistance in how the divorce process works, follow the link here to our site.