Couples that are going through a divorce will be required to split up all of the property and debt that they have acquired throughout the course of the marriage. If the couple cannot come to an agreement on how the property should be divided, the court may have to step in to resolve the matter. The process of fairly dividing assets and liabilities is known as equitable distribution.
One important factor to note about equitable distribution is that the only property and debt that will be divided are those that were acquired during the course of the marriage. Any property or debt that was acquired prior to the marriage or was agreed to remain separate will not be included. Determining whether property is considered marital or separate can be complicated because there are some situations where separate property can become marital.
Some of the factors that the court will take into consideration when dividing assets and debts include the following:
- The duration of the marriage
- Each spouse’s contribution to the marital assets and liabilities
- The income and earning potential of each spouse
- The standard of living that was established in the marriage
- Whether there was economic fault by one of the spouses
If you have questions about equitable distribution, contact our firm today.
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 the state of New Jersey. Contact our firm today to schedule a consultation.