Upon divorce, there are many issues that need to be resolved. Spouses will have to split their lives. Not only does this include an emotional split, but it includes a physical split as well. They will need to divide their assets or have them divided for them by a judge. This can be a difficult time for them if they are attached to sentimental items. In mediation, they may feel more willing to open up about what is important to them. In court, they may not have as much influence over how their assets are divided. During this process, a judge will apply equitable distribution to the situation to divide the assets. This will divide the married couple’s assets in a fair and just manner. However, fair and just does not mean it will be an equal division. Instead, the judge will take into account many factors that can influence this division. This can include an evaluation of each spouse’s income and other financial means. This can be used to make a fair decision on how assets should be divided.
To first begin the division of assets, the property of each spouse will be considered. A spouse’s property may be considered separate property if it was acquired before the marriage. This can show that it belongs to them. However, property that is attributed to the marriage can be harder to split between the couple. This property may have been collected due to the marriage. For example, when couples first get married, they may buy a home together that can be considered marital property. It was bought during their marriage and for marital purposes. This can be up for debate in equitable distribution. A judge will need to deliberate and come to a fair conclusion for each party.
During these times, couples should acquire legal counsel to aid them during the process. If a spouse has a business that is involved, it can be a more fragile time for them. They may need more help during the process to retain control of their business. If one spouse has a high net worth, they may want to protect this status. An attorney can aid them in making sure they are not taken advantage of due to their high net worth status.
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.