Divorce processes are needed to solve issues. The first decision made is to get a divorce and how they should decide on marital issues. These issues can involve child custody, child support, alimony and the division of assets. There are certain factors that can complicate the divison of assets. This may include a high net worth of one or both of the spouses. The division of assets can be complicated due to the amount of possessions and the value of them. Some couples may have a high net worth or just one spouse which can further complicate the matter. When it comes to dividing the assets between both spouses, they will need to be deemed marital property or exempt property. Exempt property is acquired before the marriage between the two individuals was made official. This property is deemed to be separate property since it was acquired by the individual. Assets and debts that were acquired by these individuals before their marriage was made legal are not subject to division. However, marital property can be brought into the division. This property is acquired after the couple was officially married.
How is equitable distribution used to separate the property?
In New Jersey, judges practice equitable distribution to divide assets during divorce in a fair and just manner. This does not mean the distribution will be equal. It is at the judge’s discretion to decide how the assets are divided. They will take into consideration a few factors when deciding how to dole out possessions. These factors can include the duration of the marriage, the value of the property, the acquisition of the assets, age and health, contribution to the marital property, economic circumstance, possible tax consequences and debts and liabilities.
Can mediation be used for this decision?
Couples are able to divide their assets during mediation sessions. Since mediation sessions are used to decide on marital issues, the division of assets can be included in this process. During these sessions, spouses may be more open with one another about what assets have value to them due to sentimental reasons. This may cause a more satisfying ending once the assets are divided.Since a judge is not the one making the decisions, it may result in a more favorable outcome. Mediation is not for everyone since it requires the cooperation of both parties but it can be used to help couples in private.
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.