Equitable distribution is a legal principle that governs the division of property in a divorce case. In New Jersey, it means that all marital assets and debts should be divided fairly between the spouses, taking into consideration various factors such as the length of the marriage, each spouse’s contribution to the marriage, and the needs of each spouse after the divorce. Equitable distribution is designed to ensure that both spouses are treated fairly and that neither one is left in a significantly worse position after the divorce.
New Jersey is an equitable distribution state, which means that marital property is divided based on what the court deems to be fair and just rather than being divided equally. In most cases, marital property includes any property or assets that were acquired during the marriage, including real estate, investments, retirement accounts, and personal property such as cars and furniture. However, separate property, which is the property that was owned by one spouse before the marriage or that was acquired through inheritance or gift during the marriage, is not subject to equitable distribution.
One of the most important factors that the court considers when dividing marital property is the length of the marriage. In general, the longer the marriage, the more likely it is that the court will divide the property equally. However, there are exceptions to this rule, such as when one spouse contributed significantly more to the marriage financially or when one spouse has a greater need for certain assets, such as the family home.
Another important factor is each spouse’s contribution to the marriage. This includes both financial and non-financial contributions, such as caring for children, managing the household, and supporting the other spouse’s career. The court may also consider each spouse’s earning potential and future financial needs when dividing property, especially if one spouse has been out of the workforce for a significant period of time.
In addition to dividing property, the court may also divide marital debt. This includes any debts that were acquired during the marriage, such as mortgages, credit card debt, and car loans. The court may consider each spouse’s ability to pay the debt when dividing it, as well as who incurred the debt and for what purpose.
Overall, equitable distribution in New Jersey is designed to ensure that both spouses are treated fairly and that neither one is left in a significantly worse position after the divorce. If you are going through a divorce in New Jersey, it is important to work with an experienced divorce attorney who can help you navigate the complexities of equitable distribution and ensure that your rights are protected.
Robert Adinolfi has been representing divorce and family clients throughout NJ for over four decades. He has the expertise to navigate the most complex matter and the skill to quickly resolve the straightforward. If you are faced with the prospect of having to divide your marital property, it is important to be represented by an attorney who understand New Jersey equitable distribution laws – call our Mount Laurel offices today for a confidential consultation.
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