What Assets are Divided During the Equitable Distribution Phase?
As an Essex County Divorce Lawyer, I am often asked “what assets will be divided during the equitable distribution phase?” When dividing marital assets, the State of New Jersey uses equitable distribution, and the most important question parties need to ask is, “What assets are really subject to equitable distribution?” I always describe it as a pot. Which assets go into the pot, and which assets remain outside the pot? Generally speaking, any assets that were accumulated from the day that you said, “I do” until the day that one of the parties filed for divorce are subject to equitable distribution. Oftentimes, people think, “Well, I had this account, and it only had my name on it,” or “I had this account, and my husband doesn’t know about it. Is it still subject to equitable distribution?” Regardless of these factors, if it accumulated from the date of the marriage to the date the complaint was filed, it is generally subject to division. These are the basic factors that determine which assets are subject to equitable distribution.
Are you worried about the assets you possess being equitably distributed? Contact Essex County Divorce Lawyer Tanya L. Freeman to learn about the assets subject to equitable distribution in a divorce.