Division of Assets

Edison NJ Property Distribution Attorney

divorce-finance-talkingGuiding NJ clients through division of assets

Most NJ divorces are contested over just a few issues. One of the hardest and most heated issues couples have to address when getting a divorce is the division of marital assets. Property distribution can be a major issue when spouses disagree on their contribution to the marriage. One spouse may believe that they worked harder for the financial status of the marriage and they should be able to keep more of what they worked so hard to achieve. The other spouse may believe that they worked harder to take care of the family, deferred goals to help the other spouse achieve success or contributed to the success of the other and should keep more assets than the law allows. Each spouse feels entitled to a certain split of the marital assets and when their opinions don’t match, many couples see a courtroom to resolve the issue. Some couples can engage in a costly court battle over the one issue. If you face issues related to property distribution, contact the Law Office of Omar K. Qadeer, PC Our firm will guide you through your divorce efficiently and effectively.

Marital vs. separate property

When New Jersey courts hear a divorce case and one of the contested issues is property distribution, they will always distribute assets in a fair and just manner, also known as equitable distribution. In order to do so, courts need to establish the difference between marital and separate property. Though the subject is a bit more complicated, basically:

  • Marital property is any asset or debt acquired during the marriage, separate property brought into the marriage and changed to marital property or separate property that has appreciated over the time of the marriage under the right circumstances.
  • Separate property is any asset or debt acquired before the marriage not converted to marital property, property that is agreed to remain separate through a written agreement, and other assets that are, by law, to remain separate, including inheritance, gifts, and other items.

What is equitable distribution?

Once marital and separate property is established, the court will take on the task of assigning a value to each asset deemed marital. It will then distribute assets in an equitable fashion, meaning fair and just to both parties. This rarely means a 50/50 split. Courts will consider many factors about each party when equitably distributing assets, including:

  • Age and health
  • Contribution to marital property
  • Financial situation
  • Applicable tax consequences

Once the judge takes these factors into consideration, the court will decide on the matter. It is important to note that fault grounds will have little to no impact on the distribution of assets. In some cases, when one party purposefully wastes or hides assets, the court may rule against that party and adjust the distribution in favor of the other spouse.

Contact a Middlesex County property distribution attorney

If you are facing a divorce case based on equitable distribution, you have a lot to consider. The Law Office of Omar K. Qadeer, PC has years of experience guiding clients through the laws that govern property distribution. Unfortunately, some couples go to court over one or two topics related to their divorce. Property distribution is no exception. With such an easily contested and emotional issue, you need to hire an effective and knowledgeable attorney to represent your interests. If you need quality legal services, contact the Law Office of Omar K. Qadeer, PC for a consultation.