You and your spouse were blessed to own a home full of lots of things, a car and a Visa. Since you have decided to get a divorce, then you are left with the task of determining who gets to take which marital asset. This is seen as a very sensitive section by most of the couples involved in the process, mostly because of the children. Who gets the house? Who gets the car? These are standard questions which many couples often ask prior to getting married. Is it acceptable to suggest that the groom’s family will take whatever China that has been listed in the wedding registry? Who gets the Visa bill? These questions may introduce even a friendly divorce battle and a war of pulling apart.

A property which can be divided in a New Jersey divorce is one that was acquired during the marriage by either spouse and using the couple’s collective earnings or funds obtained from other sources that are shared by the two parties.

• Marital home
• Vacation home
• Investment property
• Businesses
• Home equity lines of credit (HELOCs)
• Mortgages
• Credit card debt
• Vehicles
• Retirement accounts and pension plans
• Supplemental Executive Retirement Plans (SERPs)
• Deferred compensation plans
• Profit sharing plans
• Collectibles
• Personal possessions
• Inheritances
• Any other possession, anything, title or interest in anything acquired during the marriage

Equitable Distribution in New Jersey

New Jersey is one of the seven states which practice the equal distribution of property during a divorce. This means that when it comes to any asset, property or any debt that has been acquired during the marriage, they should be split equally between the two of you. Nonetheless, it does not reflect that see the fair means each spouse should receive equal distribution of the marital property. Most courts are aware that marriage is a partnership and that the efforts of a homemaker or a stay-home caregiver are as important as that of a breadwinner. Alimony in New Jersey is justified on the basis of some considerations that are provided for in the legal code of the state. However, fault is not among them. The principle of equitable distribution also does not take into consideration marital fault in its distribution process.

“Marital Property” or “Separate Property”?

There is much confusing regarding the term “marital” property that one needs to consider when dividing assets and debts. It is still possible for your spouse or domestic partner to get a portion of the money in your retirement account or investment, even if only your name is on the account title. And you may sign for your partner’s credit card and find that debt is on your insurance even though you did not know the account. The law is complicated. Getting a legal advice of a divorce attorney will assist you in differentiating marital property from personal property.

Do You Have Hidden Assets?

Both the husband and the wife must prepare, reveal and exchange schedules of all their properties and debts in the course of the negotiations leading to the divorce. It is therefore desirable when both spouses are truthful, all property and debts are assessed and distributed fairly. However, some of the spouses may opt to conceal the assets to ensure that they will not be taken as part of the agreement. In case you have an idea that your spouse is concealing something, you are welcome to reach us at our office The Law Office of Eric B. Hannum Esq., LLC, our professionals play an important role in divorce cases in order to find concealed assets and secure parties’ rights to the marital property depending on relevant activities and expenses.

Are You Member to the High Net Worth Divorce Club?

It’s for this reason that if you or your spouse has a high net worth then your divorce definitely is not going to be an easy one to undertake. It is possible that other factors associated with the underlying issues like the division of property, business, or stocks, investments, trust, and retirement benefits must be considered. They have to be evaluated so that properties may be fairly divided among the persons concerned. The legal agreement known as pre-nuptial or post nuptial agreement affect the issues of divorce settlement. However, under the laws you are allowed to receive some property even if this was a prenuptial contract. Seek legal assistance from our office when you wish to be informed of your rights.

Division of property isn’t just about who gets the house and who gets the China, it’s about protecting your future. Call 732-365-3299 to learn how New Jersey equitable distribution can work for you.