A major part of any divorce is the division of marital assets, defined as property acquired during the marriage by either party. In New Jersey, property is divided according to equitable distribution factors. Assets are divided in a way that is fair, but not necessarily 50/50.
In most divorce cases, marital property includes the marital home, vacation and investment properties, cash, bank accounts, stocks, bonds, retirement accounts and pensions, and businesses.
There are also a number of oft-missed assets that you will want to keep your eyes open for and discuss with your attorney. They include:
- Frequent flyer miles
- Season tickets
- Country club and gym memberships
- Intellectual property
- Cemetery plots and prepaid funeral arrangements
- Loans made to family or friends
- Tax refunds
When going before a judge, he or she will ultimately divide your property according to a number of factors, including but not limited to:
- The length of the marriage
- The standard of living established during the marriage
- Any existing prenuptial agreements
- Each spouse’s overall health and age
- The current value of all property
- Tax consequences of a proposed distribution
- Each spouse’s debts and liabilities
Any property owned by one spouse prior to marriage is usually not considered marital property and will not be divided but there are exceptions to the rule. If this is your situation, you will definitely want to discuss the details with one of our attorneys.
Whether you are interested in distributing your assets outside of court with the help of a mediator, or by going before a judge, we can help. Contact DeTorres & DeGeorge Family Law Attorneys today to schedule a consultation.
For more information, please call us at 908-304-9679.