East Brunswick Property Division Lawyer
Divorces are difficult and often emotionally fraught. There are also certain logistical matters that need to be addressed during divorce proceedings, like the division of property. Working with a qualified divorce attorney can make the divorce process easier. If you are considering a divorce, consult an East Brunswick property division lawyer that could work towards the best possible outcome for you.Community Property State Defined
A community property state has predetermined that during the course of the marriage, any money, asset, or liability that has been acquired by either spouse is going to be equally owned by both spouses. So, if one party is the breadwinner and one party is the homemaker, it does not matter.
If one party or both parties decide to get divorced, the homemaker would get the same amount as the breadwinner. They share not only the amount of money that is coming in, but the liabilities as well. As an example, if one spouse has accrued up to $100,000 on credit cards, the liability of the $100,000 debt would be the responsibility of both parties.Is East Brunswick a Community Property Jurisdiction?
East Brunswick is not a community property jurisdiction. There are only nine community property states:
- New Mexico
Alaska has an opt-in if they want to be a community property state. New Jersey is not a community property state; it is an equitable distribution state which means that assets and liabilities would be divided equitably rather than equally.Considerations When Dividing Property
Since New Jersey is an equitable distribution state, the assets and liabilities would be divided equitably. The Superior Court of New Jersey has a Chancery Division and within that division is the Family Court. Family Court will make determinations based on the concept of equity which promotes fairness. Each party will not necessarily receive the same amount (as it would be in a community property state) but the court will make the final determination of what is fair, based on the facts and circumstances surrounding the distribution or the division of assets.Importance of Cooperation Between Parties When Dividing Assets
It is important to know that 98% of divorces in New Jersey end in an agreement amongst the parties such as that marital settlement agreement (MSA) or property settlement agreement (PSA) wherein the parties decide how their life is going to be divided as no longer a married couple. The parties can go through all their assets and with the assistance of East Brunswick property division lawyers, can make a decision amongst themselves as to how they are going to be divided or they have the other option of going before a court and letting a judge decide how things are going to be divided.
A lot of times in New Jersey, trials are held over issues of custody and not necessarily issues with the division of property. The parties ultimately have the question of deciding who gets what or having a judge decide.
If the parties start off with cooperation from each other, not only will their legal fees stay low and hopefully get divorced more quickly and without as much judicial intervention, but they will be able to make the decisions for themselves.Financial Contributions Considered When Dividing Property
When a person thinks about the financial contributions, they think about all the assets or liabilities that the parties have. Those assets include real property, bank accounts, tangible personal properties, stocks, bonds and securities, pension and retirement plans, 401ks, IRAs, business partnerships, professional practices, and life insurance.
However, it is important to remember that financial contributions also refer to liabilities such as real estate mortgages, long-term debt, revolving charges, short-term death and contingent liabilities. Those are all considered the financial or statement of assets and liabilities which are some of the financial aspects that go into the divorce itself. An East Brunswick can further explain how financial contributions can factor into the division of property in an individual’s divorce case.Non-Financial Contributions Considered When Dividing Property
Non-financial contributions that are considered when dividing property include:
- Duration of the marriage
- Standard of living that the parties had during the course of the marriage
- Earning capacities
- Education levels
- Vocational skills
- Financial responsibilities that either party has
If you are considering a divorce, consider contacting an East Brunswick property division lawyer. A capable divorce attorney could devote the time and resources necessary to achieve a positive outcome for you. Let an experienced divorce lawyer advocate for you.