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Equitalbe Distribution - Dividing the Assets
(provided by Gruber & Colabella, P.A.)
Marital property is divided in New Jersey under what is known as equitable distribution. Equity is a term for fairness and the Court can make any fair allocation and distribution. The factors which the Court must consider are:
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(a)The duration of the marriage;
(b)The age and physical and emotional health of the parties;
(c)The income or property brought to the marriage by each party;
(d)The standard of living established during the marriage;
(e)Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution;
(f)The economic circumstances of each party at the time the division of property becomes effective;
(g)The income and earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage;
(h)The contribution by each party to the education, training or earning power of the other;
(i)The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the material property, as well as the contribution of a party as a homemaker;
(j)The tax consequences of the proposed distribution to each party; (k)The present value of property;
(l)The need of a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects;
(m)The debts and liabilities of the parties;
(n)The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse or children;
(o)Any other factors which the Court may deem relevant. What is included for equitable distributed, how much is it worth, and how is it distributed are the three questions which must be answered. To understand what is included in the "marital estate" for purposes of equitable distribution, one must first conceptualize a pool of assets which consist of everything and anything of value or future value. Property, jewelry, businesses, artwork and retirement benefits, as examples, are included initially. It usually makes no difference whether the property is held by the husband, wife, jointly or in the name or names of third persons.
Gruber & Colabella, P.A. located at
http://www.gruberandcolabellapa.com/
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