Heymann & Fletcher

Menu Map See All Practice Areas
FindLaw Network

Assets may be complicated to divide during divorce

The division of property is a major issue in the dissolution of a marriage in New Jersey and may have a huge impact on a person's financial security. However, people can make sure that their rights are protected during divorce by retaining legal counsel. This is especially essential for those with complex issues related to property division.

Some complicated property division issues include the determinations of cash flow as well as valuing and dividing a business or real estate between two divorcing individuals. Another issue requiring attention is valuing the family home. The two spouses may also find the division of their investment and retirement accounts to be complex. When appropriate, attorneys may work with other professionals who can assist them in complicated financial matters. These include business valuations, tax issues and real estate appraisals.

New Jersey is considered an equitable distribution state, which means that a divorcing couple's marital debts and assets will be divided between them in an equitable manner. Any property that was acquired during their marriage would usually be considered marital property, while property that a spouse acquired before the marriage would be classified as nonmarital property. Property acquired by inheritance or gift during a marriage is also deemed nonmarital property.

Many statutory factors must be taken into account by courts when they are determining how to divide marital property in an equitable way in Illinois. Courts essentially have the discretion to create property distribution orders, so it is important to have an attorney on your side. In this way, a personally favorable agreement can be negotiated on your behalf during a divorce proceeding.

No Comments

Leave a comment
Comment Information