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How Are Assets Divided in Divorce NJ?

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Dec 24, 2021

How Are Assets Divided in Divorce NJ?

Overview: How Are Assets Divided in Divorce in NJ

The average value of the contents of a home is $10,000. That may sound like a lot to have to sort through when you’re getting a divorce.

It doesn’t need to be such a stressful process if you know how assets are divided in divorce in NJ. Whether you’re wondering what the wife is entitled to in a divorce or who gets the house, it’s helpful to know how marital property is handled under NJ law.

How are assets divided in divorce in NJ? Keep reading to learn about divorce in NJ, who gets the house, and how to divide assets.

How Are Assets Divided in Divorce in NJ?

Something to keep in mind is that NJ is not a community property state. In community property states, one would divide the assets as close to a 50-50 split as possible. NJ practices equitable distribution, which is a little more complex but may result in better outcomes for each involved.

Equitable distribution requires the spouses and judge to consider various factors that influence how marital property should be divided.

Marital property is the property the couple has accrued during their marriage. It does not include items each person owned before the marriage, nor does it include property received during the marriage in the form of an inheritance.

To put it simply, equitable distribution considers each spouse’s ability to attain a similar standard of living after the divorce, as they had during the marriage. Therefore, factors you should consider include:

  • Any prenuptial agreements pertaining to property
  • Standard of living established during the marriage
  • Length of marriage
  • Each spouse’s health and age
  • Each spouse’s income and earning capability, based on training, education, and/or experience
  • Contributions made by one spouse towards the education or career of the other
  • The projected need for medical or educational needs of children
  • Debts and liabilities
  • Tax consequences of the distribution

It is at the judge’s discretion how much weight to give to any one factor. Something that is not usually a factor is whose fault the divorce is, although there are exceptions for particular circumstances.

What Is a Wife Entitled to in a Divorce?

NJ family law does not entitle either spouse to the property based on the husband and the wife. However, the role of the wife may influence how assets are distributed.

A spouse may have lost out on career opportunities if she has been a homemaker, stay-at-home parent, or otherwise prioritized her spouse’s career over her own.

This is often, though not always, the wife. If this is the case, her reduced earning potential may result in receiving a compensatory distribution of the marital property.

Divorce in NJ – Who Gets the House?

Marital property often includes a house and investment properties. The simplest way to divide these assets is to sell them and share the proceeds. However, other factors may affect who gets the house.

If minor children are involved, the parent with custody or the primary caregiver might get to stay in the house with them. Any extenuating circumstances will affect whether the home is sold or kept by one of the spouses.

The Support You Need While Getting Divorced

An attorney can help you understand more about how your situation will affect the answer to your question: how are assets divided in divorce in NJ?

When you are seeking a divorce in NJ, “Who gets the house?” and “What is the wife entitled to in a divorce?” are essential questions to get answered.

Dalena & Bosch are experts in divorce law and have an excellent track record of helping clients achieve good outcomes in divorce to start fresh.

Contact Dalena & Bosch today to schedule a meeting if you need trustworthy and compassionate representation in divorce court.

Elizabeth Dalena helped me through a very difficult divorce and I felt working with her was like working with a friend you can trust! Beth, thank you for your professionalism and helping me through this difficult time.
Michael Mastrogiacomo - March 2020
If you’ve been searching for an honest and empathetic attorney...someone you can trust while you navigate the difficult and emotional world of family law, then do yourself a favor and contact Beth Dalena & Jessica Bosch. You’ll be so glad you did.
Par 5 Consulting - March 2020
When you are in the painful and often frightening process of divorce, the women of this law firm bring you confidence and security with their knowledge and professionalism. They exhibit that rare combination of the willingness to hold your hand like a compassionate friend and defend you like a piranha in the courtroom when necessary. They exhibit dedication, and the grace and wisdom of their long term experience. They look…
Cindy Morhouse - February 2020
These ladies have helped me several times in my experience with them. Jessica was my divorce attorney and I can say without hesitation, she was professionally and personally a gift to me. She handled my case (adversarial at best) with grace and knowledge. A fighter when necessary. She handled me in my personal state as a friend. Compassionate and kind. Beth assisted me with rewriting my deed after my divorce…
Scarlett O - January 2020
I chose Jessica A. Bosch to represent me because she was compassionate and knowledgeable. My divorce was a long and difficult journey. During this time, I lost sight of what was really important. Jessica kept me grounded and focused on what would be best for me after the divorce. I am grateful for her help in protecting two very important financial things that I might have given up. I didn't…
Cynthia R - December 2019