There are two types of property division calculations. A few states follow a community property model that divides property equally between the spouses. However, most states including New Jersey, follow an equitable distribution model. This means that instead of just splitting marital property in half the court will look at a number of different factors to decide how the property should be divided between the spouses. A New Jersey property division lawyer can advise you on how a court may rule on the types of property involved in your divorce. If you find yourself in the process of dividing combined property, do not hesitate to contact a distinguished divorce attorney.Marital Property vs Separate Property
There are two categories of property, separate property, and marital property. Only marital property will be divided in a divorce. Marital property is property that was acquired during the marriage. This includes a home that was purchased during the marriage or even a car. Furthermore, it can include assets such as a joint bank account.
Separate property is property that was obtained before the marriage. Even after a marriage, there can be separate property such as property that was gifted to one spouse or inherited by one spouse.
You should be cautious because separate property can be turned into marital property if the other spouse contributes to the separate property and increases its value. Also, if separate property is combined with marital property (for example putting an inheritance in a joint account) then it may be considered marital property. An experienced property division attorney can advise you in regards to these complications.Equitable Distribution Factors
To divide property between spouses, the court will look at several factors to decide how to fairly separate the property. The factors include:
How long one person has been out of the workforce due to childcare responsibilities and how long it will take the person to obtain an education or training that will get them to the same standard of living as in the marriage.Valuing Education
The court will also look at how much one spouse put aside their own education or career in order to help the other person to achieve a greater income.
Several other factors include:
If there are any other factors that the court considers important the judge can take that into account as well.Speaking with a Lawyer
There are so many factors in play when dividing up property that it can be a very complicated process. By hiring a New Jersey property division lawyer, you can try to make sure that you get your fair share of marital property and protect any separate property you have.