Another emotionally charged issue is separating marital from non-marital property for purposes of equitable distribution of property. Apart from child custody and support, there is possibly no more divisive issue during a divorce than the fair and equitable distribution of assets and liabilities. New Jersey state statutes and case law may be specific about which assets and liabilities are to be divided; however, the difficulty lies in the identification of those assets, their valuation, and the separation of “marital” from “non-marital” assets.
Marital property is defined as property acquired by the spouses between their wedding and the divorce filing. Examples of marital property include:
- Primary residence
- Vacation homes and other investment real estate
- Bank accounts
- Investment accounts
- Personal property and collectibles
Non-marital property is usually real estate or inheritances acquired by one of the spouses prior to the marriage that is not subject to distribution. All of the financial assets must be disclosed, analyzed, and valuated before informed decisions can be made about distributing them. An Adinolfi, Molotsky, Burick & Falkenstein, P.A. matrimonial attorney in New Jersey will push for full disclosure and fair property distribution.
Multiple interpretations of these property issues create a grey area that often results in protracted and expensive litigation. At Adinolfi, Molotsky, Burick & Falkenstein, P.A., our lawyers can assist in the negotiation of settlement agreements outside of court. These agreements involve the input of both parties and are thus resolved without a trial on these issues. We have found these agreements to be more flexible than those the court might order, and they tend to circumvent future disputes because one partner does not feel as though the other party or the court has imposed a settlement.
As one of the largest law firms in New Jersey focusing on the issues of Family Law, our attorneys at Adinolfi, Molotsky, Burick & Falkenstein, P.A., have the experience and resources needed to negotiate property settlement agreements after divorce, or in dividing Same-Sex Marriage, Civil Union or Domestic Partnership assets, that are equitable and legally sound, as well as to take the necessary investigative steps to identify assets and liabilities.
A New Jersey divorce lawyer from Adinolfi, Molotsky, Burick & Falkenstein, P.A. can also advise clients on the separation and protection of other assets, including business assets and retirement benefits, and advise on future tax implications. Our experience in handling complex and simple asset division cases gives us the edge when it comes to accurate, timely resolutions that are in the best interests of our clients.