Edison Township Property Division Lawyer
Many people have questions about how their property will be divided either before they decide to get divorced, or during the divorce process. Indeed, how property is divided in Edison Township is one of the most commonly misunderstood components of the divorce process. An Edison Township property division lawyer could help you understand the importance of property division and help create a plan to divide your assets in a fair and equitable manner. Call today to schedule a consultation with a seasoned divorce attorney.Understanding Property Division in Edison Township
In a New Jersey divorce, N.J.S.A. §2A:34-23.1 authorizes the trial court to divide marital property in what it determines to be a fair way. New Jersey is considered an equitable distribution state, which means that before a court can determine what property goes with one spouse, the court must examine a couple's assets and analyze numerous factors to divide a couple’s marital property. An Edison Township property division attorney will be able to evaluate the situation to ensure that someone receives a fair outcome.Is Property Divided 50/50?
Many people assume that a couples’ property will be divided in half during a divorce. However, this is not always true. To begin, New Jersey follows a theory of equitable division, which means that the court must start by determining what property should be considered marital property. Marital property is property that is legally and beneficially acquired by one or both parties to a marriage during the marriage.
Certain property such as that acquired before a marriage, certain gifts from third parties, and inherited property may be excluded from division in a divorce. Furthermore, even if the property is considered to be marital property, this does not mean that it will be divided evenly amongst separating spouses.Commonly Divided Assets
Assets that are most frequently subject to property division include:
- Cars and automobiles
- Personal property such as furniture
- Business interests
- Bank accounts
- Retirement funds, including 401k’s 403b’s and IRA accounts
A couple may also divide liabilities such as personal loans, mortgages, and leases.Equitable Division Factors
After a court has identified what property is subject to equitable distribution, the court then engages in an extensive review of the many factors outlined in N.J.S.A. §2A:34-23.1(a-p), which include but are not limited to:
- The length of the marriage
- The age and physical and emotional health of each party
- What income or property each party brought into the marriage
- Each party’s financial circumstances
- The educational background of each party
- Custodial rights and responsibilities for children
Importantly, the court can examine any other factors which the court may deem relevant under N.J.S.A. §2A:34-23.1(p). This affords the court substantial discretion to examine the unique circumstances of a couple’s married life and determine based on that what kind of division would be equitable or fair.Can a Property Settlement Agreement Help?
A Property Settlement Agreement (PSA) is a legal document that defines how property should be divided in the event of a divorce. A PSA can expedite the process of a divorce because it does not require a judge or court to conduct a review of a couple’s assets. Instead, it only requires that the document is fair to both sides and that each individual freely entered into the agreement.Contact an Edison Township Property Division Attorney Today
An Edison Township property division lawyer could help you address the complex and often frustrating issue of dividing property in a divorce. Call today to speak with an attorney who could provide professional guidance and support during your divorce regardless of the size or value of your property or assets.