Woodbridge Property Division Lawyer
One of the most hotly contested aspects of a divorce is often the division of property and assets. This can be especially true for couples who have a high income.
Courts in New Jersey, including those in Woodbridge, practice equitable division. Since this can be a complicated system that does not always result in an even 50/50 split between the divorcing spouses, you may need advice from an experienced divorce attorney on how it might affect you. If you are in the midst of a divorce, contacting a Woodbridge property division lawyer could make the difference in your case and help you achieve a division of property and assets that suits your personal needs.Defining Equitable Division
Rather than split the property and assets straight down the middle, courts in Woodbridge adhere to a standard of fair division of property, otherwise known as equitable distribution. This means that courts try to make the division of marital property as fair to each spouse as possible.
Factors the court may consider when making this determination include how long the couple has been married, the ability of each spouse to provide for their own monetary needs in the future, the health and age of each spouse, the education levels of each spouse, and more.
Additionally, spouses may have penned a prenuptial agreement that dictates the division of assets. In negotiations and in the courtroom, it is important to have an experienced Woodbridge property division lawyer by one's side who could work to ensure a favorable settlement is reached.Divisible Property in a Divorce
Courts in Woodbridge divide marital property between both divorcing spouses. This includes all property and assets gained by either spouse during the course of the marriage. The inclusion of all property gained during the divorce—regardless of whose name the property is in—may seem unfair at first, but the idea is that since both parties contributed to the success of the marriage, both parties in some way influenced the ability to gain property while they were married.
However, property gained by one spouse before the marriage began—or gifted to them as an inheritance—may not be considered marital property and thus may not be subject to division in the event of a divorce. A knowledgeable family attorney will know which assets could be subject to be divided.What About Debt?
Marital debt—that is, debt that is gained during the course of a marriage—is also split between divorcing spouses in a manner that the courts deem to be fair and equitable. This debt is considered part of the marital property and is one of the factors looked at by the court when deciding how to divide assets.
An accomplished property division lawyer in Woodbridge could help a divorcing spouse with the often-complicated process of tallying up assets and debts to achieve a beneficial division of property.Work with a Woodbridge Property Division Attorney Today
Most laypeople do not have much experience dealing with the intricacies of a divorce. Figuring out which assets are considered marital property, how much debt may be split between the spouses, and specific factors that could influence the court's decision is a complicated and difficult process.
However, a Woodbridge property division lawyer could help. If you are in the midst of a divorce, call today to find out how a dedicated attorney could help you pursue the settlement that is right for your needs.