Division of Marital Assets: 'Fair' Doesn't Necessarily Mean 'Half'
Every divorce requires the separating spouses to divide their property and debts. Sometimes the process is as simple as agreeing to sell the house and the car and share the proceeds. In most divorce cases, however, even the supposedly "easy" decisions about marital property tend to break down into fierce battles.
New Jersey has few hard and fast laws regarding division of marital property division. This makes the process even more susceptible to conflict.
If you are contemplating divorce and anticipate a battle over the division of marital property, it pays off to seek early legal advice from lawyers who understand New Jersey property division rules and who aren't afraid to fight to achieve their clients' wishes.
At the Long Branch law firm of Koufos & Norgaard, LLC, we have built our law practice on the principles of hard work and meticulous preparation of our clients' cases. Our attorneys know how to develop intelligent strategy, and we are known as advocates that are unafraid of a battle.
For answers to questions about marital property division, contact us to schedule an appointment.
New Jersey Is an 'Equitable Distribution' State
Under New Jersey divorce laws, divorcing spouses do not have to divide all marital assets and debts strictly in half. Instead, property and debts must be divided in a way that is fair to both parties when other factors such as income and awards of alimony and child support are considered. These relatively vague guidelines give your lawyer a lot of room to maneuver when negotiating a divorce settlement or preparing a divorce case for trial.
At Koufos & Norgaard, we take extreme care with every aspect of the property division phase of a divorce:
- Tracing assets and debts back to their acquisition to determine whether they are marital or individual property
- Proper valuation of assets according to accepted standards of valuation
- Advice regarding the tax consequences of a proposed marital property settlement
- Advantages and disadvantages of lump-sum versus structured payouts of assets such as retirement plans and pension funds
- Proper assignment of marital debts
Protect Your Assets and Your Financial Future — Contact Koufos & Norgaard
Whether you are just beginning to consider divorce, or you have already decided to proceed, we have immediate appointments available to answer your questions about marital property division.
To schedule an appointment in our Long Branch or New Brunswick office, contact us online or call toll free 888-612-3089.
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