New Jersey is a state that follows the principle of equitable distribution when it comes to dividing property during divorce proceedings.
This means that property and assets purchased or received during the marriage will be divided fairly and justly rather than being split 50/50 between the spouses.
Determining the type of property you have
In New Jersey, the property can be classified as either marital or separate. Anything acquired while the couple was married (debts and assets) are considered marital property. However, before getting married, each person’s items or debts are considered separate property.
When dividing marital property, the court will consider several factors to determine what is fair and just. These factors include:
- The length of the marriage
- The age and health of each spouse
- The income and earning potential of each spouse
- The standard of living established during the marriage
- The contributions each spouse made to the marriage, both financial and non-financial
- Any prenuptial or postnuptial agreements between the spouses
- The tax consequences of the property division
- Any other factors the court deems relevant
Understanding equitable division
It is important to note that equitable distribution does not mean that property will be divided equally between spouses. Instead, the court will consider all relevant factors and decide based on what is fair and just in the case’s specific circumstances.
New Jersey property division laws follow the principle of equitable distribution, which means that marital property is divided fairly and justly, rather than being split 50/50 between spouses. If you are filing for divorce in New Jersey, it is important to understand your rights and how the legal property division process works.