New Jersey Equitable Distribution Attorneys
Division of Assets attorneys located in Morris County
When a couple splits and divorce is a reality, the division of their assets can be a hotly contested issue. Divorce is a complicated matter. As a couple builds a life for themselves, the idea of splitting personal possessions can be overwhelmingly emotional. While some couples can agree to a fair division outside of court, this is not always the case and a couple can easily find themselves battling out the issue in front of a judge. If the division of assets is a contested matter in your divorce, contact our firm to discuss your legal matter. For decades, the firm of Haber Silver Simpson & Russoniello has been a legal resource to Morris County and all of New Jersey. Our firm is comprised of steadfast professionals ready to fight for clients. Our dedication to your needs is unlimited. If you need our help, please contact Haber Silver Simpson & Russoniello today.
New Jersey is an equitable distribution state. Possessions that are split must be done so in a manner that is fair and just to both parties involved. A court will assess various factors to determine how assets are divided, including but not limited to each party’s contribution to the marital property, the health of the couple, the age of the couple, the tax consequences, and economic status of each party. The percentage of the split can vary greatly and each case is very different.
Marital and separate property
When litigating a case, the court will need to decipher between marital and separate property. Simply put, marital property is comprised of assets acquired during the marriage, with some exceptions being personal injury awards, gifts, and inheritances. The matter is compounded by the influence of commingled finances and the appreciation of a possession. For example, if a vacation home was to be left out as separate property, but the couple’s comingled finances paid for work on the home and it appreciated in value, the appreciation may be considered marital property. It is always important to discuss this matter with an attorney.
Does marital fault impact property distribution?
It is important to note that marital fault has little to no impact on the division of assets except in certain instances where there is economic impact related to the fault claim. If your spouse was to willfully dissipate assets in preparation of the divorce or if your spouse wasted marital assets on a lover, it could have a major impact on the way the state divides property.
Contact our Morris County property distribution attorneys
Haber Silver Simpson & Russoniello is an experienced legal team located in Florham Park, New Jersey with a focus on family law and divorce. Our firm recognizes the impact a divorce has on the individual. When it comes to the distribution of property, having effective legal representation to protect your rights and future is important. If you are interested in finding out more about our firm, please contact us to schedule a consultation.