When a couple decides to divorce, one topic that must inevitably be covered is how their assets will be divided when they go their separate ways. As with many other factors of divorce, different states impose different laws regarding this subject. Distribution of assets in New Jersey is approached in a way that attempts to make the division as equal as possible. Here are some of the basics involved in division of marital assets in NJ.

The law as it applies to distribution of assets in New Jersey involves what’s known as “equitable property”. This basically means that all property that was acquired during the marriage should be split as evenly as possible between both spouses. In other words, the law intends that any division of marital assets in NJ be done in a way that is fair and equitable to both parties. Obviously, there are exceptions to this rule and cases in which equal division is not possible or fair, but this is the general rule of thumb.

The first step in determining distribution of assets in New Jersey is defining which assets are marital and which ones are considered to be separate.

Again, there is no perfect formula, but generally speaking assets can be defined as follows:

Once the marital assets have been defined, there are a number of things to consider with regards to distributing those assets. These things may include:

Of course, each marriage is unique and there may be other circumstances that might be considered that aren’t listed here. Additionally, if there was a written agreement that was made either before or during the marriage that covers how property should be divided in the event of a divorce, this will likely have an impact on the final outcome.

It’s important to point out that division of marital assets in NJ does not necessarily involve a physical division. In many cases, each spouse simply gets a certain percentage of the total value of the property. Once the percentages have been established, each spouse will then be entitled to items for which the value or worth equals his or her percentage. As you can imagine, this process can get very complicated, very quickly. Add a judge and several lawyers to the mix, and you very well may end up more frustrated than you were when you started.

The process of defining which assets are marital versus non-marital can be complicated and easily become confusing, which can lead to frustration and disagreements between the parties. An experienced mediator understands how division of marital assets in NJ works, and can help define the property in question, go over all of the factors at hand, and facilitate the process in an efficient and productive way.

Additionally, as with anything else involving a divorce, it’s always favorable when both parties are able to discuss and agree on the issues, rather than have them decided by the court. Distribution of assets in New Jersey is no exception, and mediation can provide a neutral environment in which the parties can work together to reach an agreement on how their property should be divided.