Property Distribution Attorneys in West New York, NJ
When a couple goes through a divorce, they are required to divide the assets they own between the two of them. This is known as property division, or the division of assets. Due to the fact that most people do not want to part with their cherished items, this is one of the most highly contested matters in a divorce. When parties cannot agree on terms regarding the distribution of their property, they may need the matter to be litigated. During this time, it is important to have the assistance of an attorney who will help to fight for your rights. Contact Greenberg & Walden, LLC today to speak with an attorney regarding your case.
Marital vs. Separate Property in New Jersey
When the court works to divide property between two spouses, they will first determine which property is considered marital and which is separate. Marital property consists of the assets that were acquired by the spouses throughout the duration of their marriage. On the other hand, separate property consists of properties that were acquired before the marriage. This can include gifts, inheritances, and other assets that were not combined with marital assets. However, it is important to note that there are cases in which separate property can be converted to marital property. These matters can prove to be complicated, which is why you should retain an experienced attorney for guidance.
Equitable Distribution of Assets
In the state of New Jersey, marital property is divided amongst spouses based on a process known as equitable distribution. A common misconception regarding equitable distribution is that the property is divided equally between both parties. This is not always the case. Instead, equitable distribution means the property is divided in a fair and just manner. While this can sometimes result in an equal distribution, it can also result in a disproportionate manner. In order to determine what is a fair division, the court will consider the following factors:
- The duration of the marriage
- The contribution of each party
- The acquisition of the assets
- The age and health of both parties
- The tax consequences of the proposed distribution
- The present value of the property
- The debts and liabilities of each party
Contact Our Hudson County Property Distribution Attorney
For decades, Greenberg & Walden, LLC has been proud to represent individuals as they face divorce proceedings in Hudson County. Our team of attorneys strives to protect the best interests of our clients during a difficult time in their life. Contact our firm today to speak with an attorney and schedule a free consultation.