Property division: What New Jersey spouses should know

Deciding to divorce is no small matter. In fact, it might be one of the most significant decisions you make in a lifetime. As a parent, your children’s best interests are no doubt one of your highest priorities. Another important topic, however, and one that can affect your kids, is property division.

New Jersey divorces are governed by equitable distribution guidelines regarding property division. The judge overseeing your case will take numerous factors into consideration and determine a fair division of all marital property and debts, which will not necessarily be 50/50. If you signed a prenuptial agreement before marrying or you can establish separate ownership of a particular asset (such as money from an inheritance that was designated specifically for you) it may keep certain assets from being divided.

Property issues can be complex, especially if an extenuating circumstance is causing stress or legal problems. For instance, if you suspect your spouse is hiding assets to try give you the short end of the stick, you’ll want to thoroughly investigate the matter, as well as bring it to the court’s attention. Hiding assets in divorce is illegal and the court can hold someone in contempt for attempting to do so.

Receiving the best possible property division outcome is often an ultimate goal because spouses realize their household income will likely decrease after the divorce. It is also a good idea to speak to someone well-versed in New Jersey divorce laws to protect your financial interests, especially regarding the division of marital debt. Larocca, Hornik, Rosen, Greenberg & Crupi, LLC is fully equipped to handle any and all aspects of family law, particularly those that involve equitable division of marital property.