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Property division basics during divorce

On Behalf of | Jun 7, 2018 | Divorce |

Because property division can be overwhelming during divorce, it is helpful to understand how assets are divided when a couple has made the difficult decision to divorce. Property division in New Jersey is conducted according to equitable property division rules. What this means for divorcing couples is that their property will be divided as fairly as possible, but not necessarily in half.

Only jointly-acquired assets, which are referred to as marital property, liabilities and debts will be divided. Separate property, which is considered property the spouses entered the marriage with or acquired as a gift through an inheritance or as a personal injury award, is generally not divided when the couple divorces. It is important, however, to be on the look out for commingled property and to be familiar with the implications of commingled property.

Marital assets subject to division can include cash in checking and savings accounts; mutual funds, stocks and bonds; retirement accounts, including 401(k) accounts, IRAS and federal savings plans; property, including the family home, cars, home furnishings or boats; and business assets.

There are a number of factors that will be considered when dividing the marital property, including the current income of each of the spouses and the earning potential of each.

Understanding how marital property will be divided can help cut down on some of the anxiety the divorcing spouses may face associated with the property division and divorce process. The family law process provides a variety of tools and resources to help divorcing couples resolve divorce-related issues and concerns as amicably as possible.

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