It’s not unusual for spouses to share responsibilities when building a life together. For instance, your spouse may be the breadwinner while you take care of household duties, raise children or support the family in other ways.
These non-financial contributions to the marriage are among the aspects that New Jersey courts consider to achieve an equitable division of marital property. Understanding their significance and potential impact on your divorce settlement can help protect your interests and achieve a fair outcome.
Equitable division is all about fairness
Imagine giving up your career or education to raise the kids and maintain the home. In the event of a divorce, you may have a diminished earning capacity compared to your spouse. Therefore, an equal division of marital property may not be fair.
Equitable division of marital property aims to bridge such gaps by considering the sacrifices made by each spouse during the marriage. As such, you may end up with a slightly bigger portion of the marital estate to account for the circumstances present in your situation.
Take informed action to safeguard your rights
It helps to have supporting evidence to ensure that your non-financial contributions to the marriage are recognized. Document the responsibilities you undertook during the marriage as the homemaker, track the time and effort you spent on household and parental duties and instances where you provided non-monetary support or assistance to your spouse in their career or business. This documentation can help your case during negotiations or in court.
Reaching out for legal guidance is crucial when navigating these and other divorce complexities. It can help compile the necessary documentation, ensure your contributions to the marriage are accurately represented and increase the odds of a favorable settlement.