A divorce not only dissolves a marital relationship, but it also involves the often complicated process of dividing shared property. While the division of assets in New Jersey follows equitable distribution laws, the process can still be difficult and emotionally draining.
Division of property extends beyond the physical assets such as the house or car. It also includes bank accounts, retirement savings, stocks and even debts accrued during the marriage. Understanding this wide spectrum of assets and the appropriate strategies can greatly assist in making the property division process smoother.
Identify and value all marital assets
The first step is to identify all the marital assets. Once you do this, you can move to valuing each item. It may be necessary to use experts such as real estate appraisers or financial advisors to determine the accurate value of specific assets.
Distinguish between marital and separate property
New Jersey law differentiates between marital and separate property. Marital property is typically everything that you and your spouse acquired during the marriage. Separate property is what each of you brought into the marriage or received individually, like an inheritance.
Decide what you want to keep
It is important for you to determine which assets are most valuable to you. Is it the family home? A pension? Take time to think about your future needs and prioritize accordingly.
Consider selling certain assets
In some cases, it might be easier to sell certain marital assets, like the family home, and split the proceeds. This can simplify the division process and reduce potential conflicts.
Try to negotiate and compromise
Aim to work cooperatively with your spouse. A willingness to negotiate and compromise can result in a more equitable distribution and can make the process less stressful for everyone involved.
Though property division in a New Jersey divorce can be complex, with a solid plan and understanding, you can make the process easier and more efficient. Always remember to consider your future financial stability when making decisions about asset division.