Divorce can be a tough and emotional journey. If you’re reading this, it’s likely that you’re going through a challenging time, filled with uncertainty and confusion. At Tanya L. Freeman, Attorney at Law, we understand how difficult this process can be. When dealing with divorce, one of the most stressful aspects can be figuring out how to divide your property. The decisions you make regarding your property can have long-lasting effects on your financial future. You don’t have to navigate this complex process alone. We are here to guide you, ensuring that you get a fair and just outcome.
The Basics of Property Division in New Jersey Divorce Cases
In New Jersey, the law requires that property be divided fairly in the event of a divorce. However, it does not necessarily mean a 50-50 split. The legal term used in New Jersey is “equitable distribution.” This refers to the fair distribution of marital property, based on a variety of factors. These factors include the length of the marriage, the contributions each spouse made to the marriage, and the financial situation of both parties. Understanding what qualifies as marital property versus separate property is crucial in any divorce case. Marital property generally refers to assets that were acquired during the marriage, such as homes, cars, bank accounts, and retirement plans. On the other hand, separate property consists of assets owned by one spouse before the marriage or assets that were inherited or given as gifts to one spouse alone.
Factors That Influence Property Division
Equitable distribution doesn’t mean everything is split equally, but it does ensure that each spouse receives a fair share of the marital property. New Jersey courts will look at several factors when determining how to divide property. For example, if one spouse sacrificed their career to care for children or manage the household, that contribution is often considered just as important as the financial contributions made by the other spouse. The court may also look at the economic situation of both parties, including income, employment, and health status. If one spouse is in a much better financial position, the court may award that spouse a larger share of the property to ensure fairness. The court will also consider each spouse’s behavior during the marriage. If one spouse wasted assets, engaged in fraudulent activities, or was abusive, this could affect the division of property.
More than an accomplished divorce and family law attorney, Tanya L. Freeman, is a consummate professional with a wealth of corporate and life experience. Known as a leader and strategist, Tanya L. Freeman was appointed by the Governor of New Jersey as Chair of the Board of Directors of the University Hospital in Newark, New Jersey. Tanya L. Freeman also presents among the ranks of public speakers. She captivates and inspires professional groups nationwide. "Tanya has the eloquence and oratory brilliance with the ability to forge deep connections with her listeners."
Tanya L. Freeman, Attorney at Law
Managing Partner of the Family Law Practice at Callagy Law
Marital vs. Separate Property
One of the first steps in dividing property fairly is identifying what is marital property and what is separate property. Marital property is any asset or debt that was acquired during the marriage. This includes real estate, vehicles, savings accounts, retirement accounts, and even debts. Separate property, on the other hand, is property that was owned by one spouse before the marriage or property that was inherited or received as a gift by one spouse alone during the marriage. It is important to keep in mind that some property may start as separate property but could become marital property depending on how it was used or managed during the marriage. For example, if one spouse owned a home before the marriage and the other spouse helped pay for repairs or mortgage payments, the property might be considered marital property to some extent.
I was very fortunate to find Tanya online during an urgent family matter. I was able to speak with her on our situation and she immediately jumped on the case the same day. I was impressed at her knowledge and her team as they were able to answer questions on the spot and navigate through an unpleasant situation. Her honesty and responsiveness have made this process much easier, and the support she has provided has truly gone above my expectation of a family law firm. This is truly an exceptional firm & I would highly recommend.” - Lydia Martinez My father recently hired Tanya Freeman; Family Law Attorney and her team as a replacement to handle his divorce which has been going nowhere for over 3 years with a different attorney. Tanya and her team have done so much within just a few months for his trial and has given my father a new sense of hope. The team is always quick to respond to any questions. The case is still ongoing, however, my father has newly restored confidence that he will be treated fairly and with his best interest in mind. We definitely recommend Tanya Freeman; Family Law Attorney." - Molly Howard Tanya is an outstanding attorney! Her attentiveness to detail and willingness to be honest with her clients means you’re going to get the best possible outcome for your case. She and her team went above and beyond, making sure my divorce and custody case ended neatly and in the best interest of my children. Her pricing is reasonable and she’s willing to work with you. I highly recommend Tanya Freeman to anyone going through a divorce or family law case!" - Jenifer Mckinney
Valuing Marital Property
Before property can be divided, it must first be valued. This is often one of the most challenging aspects of property division. It may seem simple to value certain items, such as a car or a piece of jewelry, but other assets, like a business or retirement accounts, require much more detailed analysis. For example, determining the value of a family-owned business can be complicated, as it involves assessing income, expenses, and future earning potential. A professional appraiser or financial expert may be needed to accurately determine the value of more complicated assets. In these cases, both spouses may hire separate experts to ensure an accurate valuation. If you are unsure how to value your assets or need assistance with determining what is considered marital property, it is important to speak with an attorney who can help guide you through the process.
What Happens to the Family Home
The family home is often one of the most emotional and contentious assets in a divorce case. Many couples buy a home together and build a life in it, making it an important part of their shared history. The decision on what happens to the family home depends on the circumstances of the divorce. Sometimes one spouse will choose to keep the home, especially if there are children involved. However, it’s important to remember that keeping the home comes with a variety of financial responsibilities, such as the mortgage, property taxes, and maintenance costs. If both spouses cannot agree on what to do with the family home, the court will decide whether it should be sold or whether one spouse will buy out the other spouse’s share.
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How to Protect Your Interests During Property Division
It’s natural to feel overwhelmed during a divorce, especially when it comes to dividing property. However, protecting your interests is essential, and having the right legal representation can make all the difference. It is important to be honest and transparent about your assets and liabilities. Hiding assets or undervaluing them can have serious consequences and may result in an unfair settlement. Additionally, it’s crucial to carefully review all financial documents, including bank statements, tax returns, and investment accounts, to ensure everything is accounted for. Working with an attorney who understands the complexities of property division can help ensure that your financial interests are protected throughout the process.
Working with an Attorney to Navigate Property Division
Navigating the complexities of property division requires not only a solid understanding of the law but also the ability to negotiate effectively. An attorney who is experienced in divorce and property division can help you understand your rights and options. Whether it’s negotiating with your spouse or presenting your case in court, having a legal professional on your side can make the process smoother and less stressful. An attorney will also help ensure that you don’t overlook important details, such as assets or debts that need to be addressed. At Tanya L. Freeman, Attorney at Law, we are committed to providing you with the legal support and advice you need to secure a fair and just property division outcome.
At Tanya L. Freeman, Attorney at Law, we understand the emotional and financial challenges that come with divorce. Our team is dedicated to helping you navigate the property division process with confidence and clarity. If you are facing a divorce and are concerned about how your property will be divided, we are here to help. We will work tirelessly to ensure that you receive a fair and equitable share of the marital property. Contact us today to schedule a consultation and take the first step toward securing a successful outcome in your divorce case.