Who gets to keep the house in a divorce? Do you have specific valuables you want to keep after your marital estate is split? Will you be able to keep enough value from your estate to start a new life after your divorce? These are just a few questions you may have about dividing the marital estate during a divorce.
Whether your marriage has lasted five years or fifty years, the asset division process during your divorce can lead to a lot of tension. It can help lower the stress of your divorce by understanding how assets are divided in New Jersey. Here is what you should know:
Fair division of marital assets
New Jersey is an equitable division state. What equitable division means is that marital assets are divided based on what is fair rather than an even 50/50 split. Knowing what is a fair division of the marital estate is not simple. Courts often have to consider several factors before dividing marital assets between couples. Here are a few factors a judge may consider:
- The length of the marriage
- Age and health of both couples
- Financial contributions to the marriage
- Household roles of both spouses
- Education, skills and the job of each spouse
- Cause of the divorce
- Financial limitations of each spouse
- Tax considerations
- Standard of living
- Size and value of the marital estate
The division of marital assets may not be what you envision. You may not keep certain assets that are sentimental or valuable. However, you can protect your assets if you have documentation that the assets were separate property or included in a marital agreement. Professional legal guidance can help you protect your assets during a divorce.
