Red Bank Property Distribution Attorneys
Division of Assets Attorney in Monmouth County
When a couple gets a divorce, they have to address many issues before concluding the process and finalizing a divorce. Division of assets is a major issue that needs to be resolved and is often contested and heated. Fortunately, some couples can come to an agreement outside of court. Other times, spouses have different opinions on how their assets should be distributed. One spouse may feel entitled to more of the assets because of the success of his or her career. The other spouse may feel entitled to more of the assets because of his or her deferred goals in favor of taking care of the home for the family. Whatever the case, most contested cases are based on a preconceived notion related to marital issues. If you are involved in a contested case related to property distribution, contact The Law Office of Toby Grabelle, LLC for effective and passionate representation.
Marital and separate property
New Jersey is an equitable distribution state. Like many other states, New Jersey will distribute assets in an “equitable” fashion. Equitable does not always mean equal, but what is fair and just to both parties involved. In order for New Jersey courts to properly divide assets in an equitable fashion, they must decipher between marital and separate property.
- Marital property- Assets and debt acquired during the marriage and separate property brought into the marriage and converted into marital property.
- Separate property- Assets and debt attained before the marriage or agreed to stay separate before the start of the relationship. Separate property also refers to other property, including gifts and inheritance.
Equitable allocation of property
New Jersey courts must decipher between marital and separate property before they can allocate assets appropriately. Once the court establishes the difference, they will take into consideration many factors related to the parties involved. Some of these considerations may include:
- Age and health of the couple
- Contribution to the marital property
- Economic circumstances
- Any possible tax consequence that will apply
At this point, New Jersey courts will distribute assets and debt in an equitable fashion. When addressing the issue of equitable distribution of assets, marital fault will usually have no impact on the state’s decision when allocating property. On the other hand, economic fault will usually impact the distribution of assets. In these cases, when one spouse purposefully wastes assets in order to manipulate his or her finances, the court may rule in favor of the other party and adjust the allocation of assets accordingly.
Mediation can save time and money
Under the right circumstances, New Jersey courts believe that everyone’s interests can be met when this issue is resolved through alternative dispute resolution, including mediation. Mediation saves the court and the couple money and time. Through mediation, a couple can come to a more amicable conclusion to their legal matter because the future is in their hands and not decided by a judge. If you are involved in a divorce case where alternative dispute resolution was suggested, The Law Office of Toby Grabelle can guide you through the process and protect your rights.
Contact a Monmouth County firm committed to clients
The Law Office of Toby Grabelle, LLC has over 35 years of experience serving the people of New Jersey with diligent and quality legal services. The firm is committed to guiding clients through the division of assets and New Jersey family law. If you are involved in a contested court battle over the division of assets, it is in your best interests to have effective counsel on your side. The passionate legal team at The Law Office of Toby Grabelle, LLC is ready to assess your case and guide you through your legal options. Allow us to ease you stress and help you arrive at the best possible conclusion to your legal matter. Contact The Law Office of Toby Grabelle, LLC for a consultation.