Entering a divorce is as much a financial transition as it is an emotional one. For many residents in Metuchen and throughout Middlesex County, the primary concern is often: "What happens to everything I’ve worked for?"
Unlike some states that follow "community property" rules (a 50/50 split), New Jersey follows the principle of Equitable Distribution. This means the court divides marital assets in a way that is "fair," but not necessarily equal.
What Counts as Marital Property in NJ?
Before you can protect your assets, you must identify them. Generally, any property acquired by either spouse during the marriage is subject to distribution. This includes:
- Real estate (the marital home or investment properties)
- Retirement accounts (401ks, IRAs, and pensions)
- Business interests and professional practices
- Bank accounts and high-value personal property
3 Factors Courts Consider for "Fairness"
The court doesn't just look at a bank balance. They evaluate the "equitable" nature of the split based on:
- Duration of the Marriage: Long-term marriages often see a more balanced split.
- Economic Circumstances: The earning capacity and financial needs of each spouse post-divorce.
- Contribution to Marital Assets: This includes non-monetary contributions, such as being a stay-at-home parent or supporting a spouse’s education.
How to Prepare for Your Consultation
To get the most out of your meeting with a New Jersey divorce attorney, start gathering your financial "snapshot":
- Last 3 years of tax returns.
- Recent statements for all investment and bank accounts.
- Appraisals of real estate or business holdings.
Ready to protect your future?At Wiley Lavender, we don't believe in "handoffs." You work directly with our partners to ensure your financial interests are shielded during your divorce.
Schedule a Strategy Session with a Wiley Lavender Partner Today
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