How Do We Divide Our Assets in a Divorce?
As a Essex County Divorce Lawyer, I often get questions from clients about dividing assets during the journey of divorce. Dividing assets in New Jersey is different than some other states. We are not a community property state; rather we’re an equitable distribution state. Some parties ask, “Does that I mean I get half? Do we divide everything perfectly in half?” Equitable distribution does not mean 50/50, it means what’s equitable under the circumstances. It’s important through the discovery process in the divorce that you identify the assets, the assets are categorized as premarital assets versus assets that accrued during the marriage. Then you also look at the family’s liabilities because the liabilities are divided just as much as the assets are. That often comes as a surprise to some spouses who perhaps were the dependent spouse and there is credit card debt and the dependent spouse is saying, “Wait a minute. Why do I have to share in the debt?” You share in the assets, you share in the liabilities. We call it equitable distribution and your attorney will help you identify those assets and tell you how they would be divided in court.
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This educational blog was brought to you by Tanya L. Freeman, a Essex County Divorce Lawyer.