One of the most common questions a spouse will have when going through the process of ending his or her marriage relates to what will happen to his or her property. Divorce will bring financial changes to both parties, and it is normal for a spouse to feel unsure of how to protect his or her long-term interests. It is important for you to know what you can expect to happen to your marital assets and other things you own during your New Jersey divorce.
When you understand property division laws, you will be in a better position from which you can defend your interests. This understanding will provide you with insight on how to seek specific terms that will be both meaningful and beneficial for you and your children. You have the right to fight for your property interests and to pursue a final order that allows you to have stability and security going forward.
Fair division is key
Marital property is eligible for division in a divorce, and it includes assets earned, bought, accumulated, collected or obtained over the course of the marriage. New Jersey property division laws state that marital property will be divided equitably, which means that there may not be an even 50-50 split of assets. However, the court will strive to be fair, dividing property as equitably as possible based on various factors that include the following:
- Age and health of each spouse
- Length of the marriage
- Financial contributions of each spouse over the course of the marriage
- Debts, liabilities and standard of living during marriage
- Earning capacity and economic circumstances of each spouse
The existence of a prenuptial agreement could also impact the division of marital property. You and the other party also have the option to negotiate your own property division agreement, but it is important to remember that these agreements are also subject to the approval of the court.
Fight for your future
Your future is at stake during your divorce. If you are facing the property division process, you may benefit from seeking an explanation of your options and the steps you can take that will allow you to pursue your desired outcome. When considering options or negotiating terms, it is in your interests to keep your focus on what will make the most sense for you long-term.