There are many questions people have before they get divorced. For example, who keeps valuable assets like the house or car? How are savings and investments divided? What happens to all of the debt, and how is it divided?
It is important to understand New Jersey’s equitable distribution laws if you are considering a divorce. Here are some important things you should know.
What is equitable distribution?
Equitable distribution means that marital assets are divided based on what is fair rather than necessarily a 50/50 division. This can mean that one spouse may appear to keep more of the joint assets than the other when the divorce is final. However, there are certain factors that can impact how marital assets are divided to help ensure the division is fair.
Here are some of the factors that a judge may consider when dividing assets equitably:
- Age of each spouse
- Length of the marriage
- Economic factors that can impact each spouse
- Tax considerations
- Contribution of each spouse
- Education of each spouse
- Amount of debt
- Health considerations of each spouse
- Business ownership
Some assets are not considered part of the marital estate, like those that each spouse had before they were married and individual inheritances. For example, assets that are considered separate property are typically not divided equitably. Certain assets that are addressed in a prenuptial agreement don’t have to be subject to equitable distribution either
If you are going through a divorce, it is important to have legal help. Experienced legal guidance can help ensure that marital assets are divided in your best interests.