COVID 19 Update! We are now offering Free Consultations for all matters during Covid-19 Pandemic.

Asset Division – Another Complicated Part Of Divorce

Asset Division and Divorce | West New York Attorney Jeffrey M. Bloom

Asset Division – Another Complicated Part Of Divorce

When a marriage ends in a divorce, dividing assets quickly becomes very real and very ugly. In New Jersey, this is done through a process called “equitable distribution.” Under this statute, all marital property is to be divided equitably regardless of title. This is based on the theory that the marital relationship is akin to a partnership, so the assets of that partnership should be fairly divided. However, it is important to note that equitable does not necessarily mean equal.

The court will conduct a three-step process to determine how to distribute the property between the spouses. This process includes:

  1. (1) determine what property is to be distributed
  2. (2) value that property
  3. (3) decide how to equitably divide that property

 

To determine the property division equally and fairly, factors must be considered:

  • The duration of your marriage or civil union
  • The age and physical and emotional health of you and your spouse or partner;
  • The income or property brought into the marriage or civil union by each of you;
  • The standard of living established during your marriage or civil union;
  • Any written agreement made by you and your spouse or partner before or during your marriage or civil union concerning an arrangement of property distribution;
  • The economic circumstances of both of you at the time the division of property becomes effective;
  • The income and earning capacity of each of you, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during your marriage or civil union;
  • The contribution by each party to the education, training or earning power of the other;
  • The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property, or the property acquired during the civil union as well as the contribution of a party as a homemaker;
  • The tax consequences of the proposed distribution to each of you;
  • The present value of the property;
  • The need of a parent who has physical custody of a child to own or occupy the marital residence or residence shared by the partners in a civil union couple and to use or own the household effects;
  • The debts and liabilities of both of you;
  • The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse, partner in a civil union couple or children;
  • The extent to which a party deferred achieving their career goals; and
  • Any other factors which the court may deem relevant.

 

Asset and Debt Division West New York | Attorney Jeffrey M. Bloom

It becomes very clear, quite quickly, that if you are dealing with divorce and dividing of assets, it is time to get help. Emotions run high and having an experienced Family Law attorney in your corner will ease the worry and confusion. The Law Office of Jeffrey M. Bloom can assist you in all areas of family law, including divorce and dividing assets. Do yourself a favor and contact Mr. Bloom at (855) 208-3650.



Text Us