Divorce proceedings are many times complicated because they require the couple to make decisions on a number of different factors. Perhaps the most complex part of a divorce, other than matters concerning children, is the equitable distribution process. This process is where the couple lays out all of their marital assets and liabilities and then divides them. One common misconception that a lot of divorce clients have is that equitable distribution means that the assets and liabilities will be divided equally between the two parties. This is simply not the case. Equitable does not mean equal.
There are a wide array of factors that are taken into consideration when dividing up the couple’s assets and liabilities. First, the court needs to determine the difference between what is marital property and what is separate property. They will only divide up the marital property during equitable distribution. Some of the factors that the court looks into when deciding who gets what and who has to pay which debts include the age of each party and the status of their health, how much they contributed to marital property over the course of the marriage, the economic situation of each party, and more. It is important to be aware that New Jersey is a no-fault divorce state and will likely not take fault into account when dividing the assets.
If you have questions about the process of dividing assets and liabilities in a divorce, contact an experienced divorce attorney today.
Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. Contact our firm for a consultation today.
