If you are getting a divorce, your assets will need to be divided. Many people aren’t clear on what is considered an asset and what assets must be divided. In general, an asset is anything that has a value. Assets can include real estate, personal property such as jewelry and art, cars, cash, investment accounts, pensions and retirement accounts, stock options, life insurance policies, and other economic resources.
What Assets Need to Be Divided?
The assets and debts you and your spouse have acquired during the marriage are considered marital property, regardless of whose it is in the title or who acquired it. Marital property must be divided. You might also have assets or debts that are considered separate property, which doesn’t necessarily need to be divided. Separate property is the property you acquired before the start of the marriage or acquired during the marriage through an individual inheritance or gift from a third-party.
Separate vs. Marital
Separate property, however, can be transmuted into marital property through a variety of means. Any spouse who makes a claim to a piece of separate property at the time of the divorce must prove that fact. You should have an attorney help you if you plan on claiming separate property in your divorce as this can be a challenging endeavor.
And separate property that grows in value during the marriage, such as a piece of real estate or some other investment, may be considered part separate property and part marital property and thus is commingled. This type of property can be difficult to divide in a divorce, too.
New Jersey follows the principle of equitable distribution when dividing assets in a divorce. The division must be fair but not necessarily equal. Because the division doesn’t have to be 50/50, you have options when deciding who gets what. Again, you should have an attorney help you with your property division to ensure you achieve a fair division.
Speak with a New Jersey matrimonial attorney with experience handling divorces if you need help with dividing your assets. The division of property is often one of the most contentious issues in a divorce, and many couples waste a lot of time and money on fighting over assets in court. Working with an attorney can help you achieve an outcome you are happy with sooner so you can move on with your life.
Do you have questions about divorce? If so, Williams Law Group, LLC can help. Our skilled attorneys can explain your options for divorce in New Jersey and help you navigate the divorce process from start to finish. Located in Union, New Jersey, Williams Law Group, LLC provides compassionate and dedicated legal services to Union, Bergen, Essex, Hudson, Morris, Monmouth, and Middlesex counties, and the surrounding areas. Our knowledgeable attorneys handle divorce and family law, child custody, and child abuse/neglect cases. Call our office at (908) 810-1083, email us at firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation and ultimately get you connected with an experienced New Jersey divorce and child custody attorney.