When it comes time to divide property in a divorce, many couples have a hard time agreeing on who should get what. After spending so much time building a life together with another person, it is often difficult to determine how assets and liabilities should be split. Sometimes, both spouses feel as though they are entitled to getting certain assets in the divorce and need the court to make a decision on their behalf. The court will use the process of equitable distribution to determine how the assets will be divided fairly. In doing so, the court will consider a number of different factors, such as:
- the length of the marriage
- the value of the property
- the age and health of each party
- each spouse’s contribution to the marital property
- the economic status of each party
- each spouse’s debts and liabilities
- the tax consequences that each party may face
It is important to note that the court will only divide marital property through equitable distribution. Marital property is any debts or assets that were acquired throughout the course of the marriage. All property and debts that were acquired prior to the marriage or was agreed to remain separate are exempt from the division process.
If you have questions about the way assets and debts are divided in a divorce, contact our firm today.
Paris P. Eliades Law Firm, LLC is a divorce and family law firm serving clients in Sussex, Morris, and Passaic County and throughout New Jersey with compassionate, quality legal services. Contact our office today for a free initial consultation.