Understanding Property Division In Divorce
New Jersey is an equitable distribution state, meaning your marital property and assets are not necessarily divided equally, but equitably. Various factors are taken into account, including the length of the marriage and the nonfinancial contributions of a party. While it is not uncommon for certain assets in a marital estate to be divided equally, the goal is a fair or equitable distribution, given the facts of a divorce or separation.
Finding The Right Solution For Dividing Your Property And Assets
At Newsome O’Donnell, LLC, the New Jersey property division attorneys will perform an in-depth review of your financial situation and your finances. In the event you do not know the extent of your family finances, you are entitled to this information and our team will pursue your right to obtain this information.
The attorneys at Newsome O’Donnell, LLC, have experience in handling a wide range of marital estates. The attorneys regularly handle cases involving the division of sophisticated employment benefits, retirement benefits, stocks and stock options, division of real estate, including second homes, and all types of businesses, including professional practices and family-owned businesses. No matter the value of your marital estate, your case is important to us and will be handled with the proper care it deserves.
Oftentimes, assets such as businesses must be valued and the attorneys work with other professionals, including accountants, to obtain a value for your asset, as well as consider the tax impact on the division of particular assets. The attorneys also work with appraisers who value property, whether residential or commercial, as well as value any antiques and collectibles. The attorneys also work with pension experts and other qualified experts to identify and distribute these assets.
Marital Property Vs. Nonmarital Property
Marital property is considered to be anything you and your spouse acquired together during the marriage, including any increase in value of your house, investments, businesses, professional practices or other significant assets.
Nonmarital property can include property each one of you owned prior to the marriage or an inheritance or gift that one of you received during the marriage. If you contributed part or all of the value of that nonmarital property to the marriage, it may be considered a part of the marital estate.
The attorneys at Newsome O’Donnell, LLC, will help you determine what is marital property and what is nonmarital property as you negotiate with your spouse over what you each want to keep.
Your Legal Options During Division Of Asset Matters
Here at Newsome O’Donnell, LLC, the attorneys do not just review a spreadsheet and start dividing up your life’s savings and assets. Instead, the attorneys will talk to you about where your different assets came from and how they have increased over the course of your marriage. The attorneys will determine your involvement in their increase and how these factors play into their value for division. The lawyers will look for in-depth information and creative ways to ensure you have a fair portion of your marital assets as part of your property settlement agreement.
Meet With Our New Jersey Family Law Attorneys
Call Newsome O’Donnell, LLC, at 1-800-465-0163 or send us an email to schedule an initial appointment. We are located in Morristown and routinely provide representation in Florham Park, Morris County and throughout New Jersey.