How does asset division work in New Jersey divorce?
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When going through a divorce in New Jersey, one of the most important aspects to consider is asset division. Understanding how assets are distributed during a divorce is crucial to ensure a fair and equitable outcome for both parties involved. At Berggren & Turturice, our experienced attorneys are well-versed in New Jersey divorce laws and can provide you with the guidance you need to navigate through this complex process.
Divorce Laws in New Jersey
In New Jersey, asset division is governed by the principles of equitable distribution. This means that marital assets and debts are divided in a manner that is fair and just, though not necessarily equal. The court takes into consideration various factors such as the length of the marriage, the financial needs of each party, the contributions made by each spouse to the marital estate, and the future earning potential of each spouse. It is important to note that separate property, which includes inheritances and gifts received by one spouse, is typically not subject to division.
The Role of Attorneys in Asset Division
Having an experienced attorney, such as those at Berggren & Turturice, by your side during asset division is crucial. Our attorneys understand the complexities of New Jersey divorce laws and will work diligently to protect your rights and ensure a fair distribution of assets. We will gather all relevant financial information, such as bank statements, tax returns, and investment portfolios, to accurately assess the value of the marital estate. With this information, we can negotiate on your behalf or litigate if necessary to reach a favorable outcome.
Fair Distribution of Marital Property
The first step in asset division is identifying and classifying the assets as marital or separate property. Marital property typically includes assets acquired during the marriage, such as real estate, vehicles, bank accounts, retirement accounts, and investments. Separate property, as mentioned earlier, consists of assets owned by one spouse prior to the marriage or received through inheritance or gift.
Once the assets are classified, the court will determine the value of each asset. This step can be complex, especially for assets like businesses or real estate. Our attorneys have extensive experience in valuing different types of assets and can ensure that the value is accurately determined to advocate for your fair share.
After determining the value, the court will evaluate various factors to distribute the assets. These factors can include the length of the marriage, the age and health of each spouse, the financial resources of each spouse, the standard of living established during the marriage, and any prenuptial or postnuptial agreements in place. The court will aim to provide each party with a fair share of the marital estate based on these considerations.
Dealing with Debt
In addition to asset division, debts acquired during the marriage must also be addressed in a divorce. This includes mortgages, car loans, credit card debts, and other liabilities. Just like assets, debts are subject to equitable distribution. Our attorneys can help you develop a strategy to handle the division of debts and ensure that you are not burdened with an unfair share of marital debt.
Why Choose Berggren & Turturice
At Berggren & Turturice, we understand the emotional and financial toll that divorce can have on individuals and families. Our mission is to provide compassionate legal representation while advocating for your best interests. With our in-depth knowledge of New Jersey divorce laws and years of experience in asset division cases, we have successfully helped numerous clients achieve fair and favorable outcomes.
By choosing Berggren & Turturice, you can benefit from our tailored approach to asset division. We will take the time to understand your unique circumstances, thoroughly analyze your financial situation, and develop a customized strategy that works best for you. Our attorneys are skilled negotiators and litigators, capable of protecting your rights and ensuring a fair distribution of assets and debts.
Contact Berggren & Turturice Today
If you are facing a divorce and need expert legal guidance on asset division in New Jersey, look no further than Berggren & Turturice. Our dedicated attorneys are ready to assist you every step of the way. Contact us today to schedule a consultation and take the first step towards a fair resolution.
