When couples go through a divorce, they are required to separate their lives in many ways. Part of the proceedings is the division of assets, allowing spouses to take away a certain degree of what they are owed from the marriage. During this time, spouses often wonder what they are entitled to receive. When facing these situations, it is important to contact an experienced New Jersey divorce attorney to learn more.
What is Litigation?
Spouses who are unable to agree regarding the terms of their marital issues often find themselves in a contested divorce. This usually leads to litigation, where the court makes these decisions on behalf of the couple. When this happens, the couple’s assets will be subject to equitable distribution. While many believe this means the assets are split equally, in fact, they are divided fairly between both spouses.
When determining which assets belong to which spouse, the judge will consider different aspects of the marriage and both spouses. This can include the length of the marriage, both spouses’ financial situations, if the two have children together, and more. In addition to this, the court usually factors in if one spouse owes alimony or child support payments. For example, a financially dependent spouse may receive a larger portion of assets than an independent spouse in order to remain stable. These situations often leave spouses disappointed, as they do not always receive the assets they would have liked to.
What Assets are Subject to Equitable Distribution?
Typically speaking, people are usually not so keen on giving up their cherished assets. This is especially during a contested divorce when spouses do not get along. When the court fairly divides assets, the judge draws a distinction between marital property and separate property. Assets that are acquired during the marriage are marital property while assets that were acquired before they are separate property, unless converted into marital property. This can include belongings such as real estate, automobiles, bank accounts, etc. If a couple runs a business together, they need to work out the future of that as well. This can be done with the assistance of a skilled attorney for guidance.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. 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. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.