01 Mar Asset Division and Divorce
What happens to assets when a couple divorces? It’s one of the first questions asked at Bloom Law Office, and with good reason. In an ideal world, couples would decide for themselves the best way to divvy up assets and property, but that doesn’t always happen. In New Jersey, “equitable distribution” laws are followed. This is led by a judge who decides what’s fair instead of simply splitting all assets equally. This might mean that the majority of assets go to the spouse with the higher earnings, but not always. In other states, there’s “community property,” which means anything considered “community assets” are equally divided while anything considered “separate assets” stays with the spouse who owns it.
Splitting of Assets in Divorce
Not all assets and properties are able to literally be split. In many cases, the court will calculate the total value of the assets and give spouses a certain percentage. Usually, the biggest asset to consider is the house. Who gets this asset depends on numerous factors, one being children. If there are children involved in the divorce, the parent responsible for most of the child-rearing often keeps the house. However, if no children are involved, the court considers a myriad of variables to distribute the home.
Legally, neither spouse has the ability to ask their ex-partner to leave-or at least that’s usually the case. However, it can be requested. Since it’s rare that a spouse can demand the other to leave, it’s usually illegal to change the locks or otherwise prevent your ex-partner from being in or living in the home. Of course, one exception is domestic violence.
Not all divorces are amicable. It’s not uncommon for one or both partners to try to grab assets out of spite. However, if a judge suspects this is happening, it can seriously jeopardize asset rights. In many cases, divorces can be messy, and emotions run high. That’s why it’s a court’s job to ensure a fair division of the assets.
Contact Jeffrey M. Bloom today for a Divorce Consultation, West New York
Having a reputable attorney on your side can help ensure fairness and provide comfort during this stressful time. Contact Bloom Law Office if you’re facing divorce and have concerns over dividing assets.