Property division is a complicated and crucial stage of your New Jersey divorce, but do not let it overwhelm you. With adequate knowledge, you can plan for this next step.
Here are a few things you should know about property division laws in New Jersey.
What are the property division laws in NJ?
New Jersey is an equitable division state, which means a court divides marital property between you and your spouse in a way they deem fair. In some cases, this division is 50/50, but not always. The only criterion is that the split must be equitable.
What is the difference between separate property and marital property?
The classification of marital property typically applies to assets you gain while married. Examples of marital property include vehicles, boats and real estate. Separate property is most often something you or your spouse acquired before marriage. However, inherited assets usually qualify as separate property, even if you obtained them during the marriage. You do not have to share separate property in the divorce as you do marital property.
What factors does a court consider to divide property?
If you and your spouse reach an impasse and cannot agree on a fair asset split, a court will decide for you. The court will consider several factors, such as:
- The length of your marriage
- The need to care for children
- Each spouse’s age, financial requirements, debts and income-earning abilities
- Prenuptial agreements
- Contributions to the marriage
Many factors affect the outcome of the property division stage of your divorce. Understanding what assets you do and do not have to share with your soon-to-be ex-spouse is vital to protecting your interests and creating a better foundation for your future.