When a couple in New Jersey realizes that their marriage is no longer working, they often consider divorce. There are a lot of different components to divorce, as it is such a complex matter. One of the most challenging and taxing parts of any divorce is when the couple has to divide all of the assets and liabilities that were acquired throughout the course of their marriage. This is especially difficult for couples that have been together for decades because they have acquired so much together over the years.
The process that is used to divide assets and liabilities in a New Jersey divorce is known as equitable distribution. If the court has to step in and do this process on behalf of the couple, they will take a number of different factors into consideration. These can include the following:
- Age and health of the couple
- Contribution to the marital property
- Economic circumstances
- Any possible tax consequence that will apply
One question that often arises is in regards to how marital fault will impact the division of property. The truth of the matter is, marital fault has little to no impact on the way assets are divided. The court doesn’t really care if one spouse cheated on another, etc. However, if one spouse is guilty of economic fault, it may work against them. For example, if one spouse used marital funds on an affair, the other spouse may be entitled to compensation.
If you have questions about dividing assets, contact our firm today.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.