When a couple makes the difficult decision to get divorced, they will have to address a number of factors before the divorce is finalized. One of these factors is regarding how all of the couple’s belongings will be divided between the two spouses. This issue is addressed in the equitable distribution process. During equitable distribution, assets and liabilities are divided fairly amongst each party. It is important to note that equitable does not mean equal in every situation. Many different factors are considered in order to determine who gets what in the divorce.
First, the couple will have to determine whether property can be classified as marital or separate. Separate property is anything that either individual owned before they were married. It is important to note that there are situations in which separate property can become marital property. Your attorney should inform you if this is applicable to you. Marital property is any property that the couple acquired together after they became married.
When dividing up assets and liabilities, the court will use information about each spouse to come to a fair conclusion. They will look at how much each spouse contributed to the marital property, the economic status of each spouse, the age of each spouse, and the health of each spouse. If the couple has children together, they will also consider custody in the distribution process.
If you have further questions about equitable distribution, you should consult with a divorce attorney who has the experience to provide you with quality assistance in your matter.
If you require strong legal representation for matters related to divorce or family law, Haber Silver Simpson & Russoniello is here to help. We proudly represent clients in Morris County and throughout New Jersey. Contact our firm today to schedule a consultation.