New Jersey Info
New Jersey Divorce Start Your Divorce Find Professionals New Jersey Articles Divorce Facts Divorce Grounds Residency Divorce Laws Property Division Alimony Child Custody Child Support Divorce Forms Grandparent Rights Forum New Jersey Products Divorce by County
New Jersey Articles
Agreements Attorney Relationship Custody & Visitation Child Support Collaborative Law Counseling Divorce/General Domestic Abuse Domestic Partnership Financial Planning Foreign Divorce Mediation Parenting Property Division Spousal Support
New Jersey Equitable Distribution
Equitable distribution is the process of how the courts decide to divide the marital property between the spouses. The main theory behind equitable distribution is that the courts and New Jersey family law recognizes the spouses as an "economic partnership." Unfortunately, as many are well aware, many partnerships don't last forever. Equitable distribution applies to all assets acquired during the marriage. Equitable distribution includes real estate, jewelry, mutual funds, stock options, bank and brokerage accounts, retirement assets, small businesses, etc. acquired during the marriage.
Generally New Jersey courts will undertake a three-step process in making an equitable distribution; (a) Identify the property that consists of the marital estate; (b) value each asset; (c) distribute the assets in a fair and just manner. N.J.S.A. 2A:34-23 (h) and N.J.S.A. 2A:34-23.1 are the two major statutes that govern equitable distribution. These statutes specify the factors that the court or ESP Panel considers when it determines the equitable distribution of the marital assets.
The statute lists fifteen factors but allows the court to consider any other additional factors it may deem relevant:
When a court makes a ruling on equitable distribution, the court must make specific findings of fact based on the three step process mentioned above, i.e., (a) what assets are part of the marital estate; (b) what is the value of each asset; (c) the manner in which it should be distributed. Generally, property should be considered part of the marital estate if it was obtained during the marriage. Moreover, it will qualify for distribution when it is the result of an effort or activity by either spouse during the marriage. The assets to be distributed are usually identified, for valuation purposes, as of the date that the complaint of divorce is filed.
In New Jersey, a separation agreement is any legal document signed by both spouses outlining the terms of the separation. Subjects resolved in a separation agreement can include child support, child custody, debt allocation and asset distribution. Notarizing the document ensures its validity, since there is no such case-type in New Jersey that provides for a "legal separation." Spouses wanting child support during the separation period, however, must file a claim with the New Jersey probation department.
Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
|Your Right to Child Custody, Visitation & Support
Cover Price: $
Your Price: $17.95
You Save: $7.00
"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
|The information contained on this page is not to be considered legal advice. This website is not a substitute for a lawyer and a lawyer should always be consulted in regards to any legal matters. Divorce Source, Inc. is also not a referral service and does not endorse or recommend any third party individuals, companies, and/or services. Divorce Source, Inc. has made no judgment as to the qualifications, expertise or credentials of any participating professionals. Read our Terms & Conditions.|