What You Need To Know About: Equitable Distribution in Monmouth County
During any divorce, a couple will have to address the issue of how assets and debts will be divided. This is often a sore subject for many couples, as neither of them wants to part with their belongings that they have worked so hard to acquire over the years. The process by which both assets and liabilities are divided in a divorce is known as equitable distribution. One of the most important factors to note about this process is that equitable does not mean equal. Equitable means that the assets and debts will be divided in a fair and just manner.
In a divorce, some property will be subject to division while some will not be. Most property that was acquired during the course of the marriage will be subject to equitable distribution. In addition, most property that was acquired before the marriage (separate property) will not be subject to division. It is important to note that there are exceptions to both of these rules. For example, gifts inherited during the marriage and kept separately may not be subject to division.
Equitable distribution can be a very complicated and emotional issue in a divorce. It is important to have the guidance of an experienced divorce attorney that can effectively guide you through each step and represent your rights.
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.