When you and your spouse decide to get a divorce, you may part with your respective separate assets. That is, under New Jersey family law, your separate assets are those you already owned before entering into your marriage. However, you may be unable to divvy your marital assets without the family court’s involvement, and these are assets you obtained and shared during the course of your marriage. Continue reading to learn whether marital assets are split 50/50 in a divorce and how an experienced Bergen County equitable distribution attorney at McNerney & McAuliffe can allow this to be conducted fairly and justly.
Are marital assets split 50/50 in a divorce?
It is highly unlikely that your marital assets will be split exactly 50 percent by 50 percent in value between you and your spouse. The general explanation is that New Jersey is an equitable distribution state. Essentially, this statute holds that assets will be divided in a manner that is both fair and just for both spouses involved. Notice that the operative words here are “fair” and “just” instead of “even.” It is worth reiterating that the equitable distribution statute is only imposed on marital assets and not separate assets.
What is considered a fair and just split of marital assets?
The New Jersey family court will use its best judgment to determine what exactly is a fair and just split of marital assets. However, it is not necessarily a subjective decision. Rather, the court will reference certain factors commonly considered during divorce proceedings. Such factors may include, but may not be limited to, the following:
- The likeliness that you or your spouse wasted certain marital assets during the course of your marriage (i.e., economic fault).
- The sensibility of you or your spouse retaining a certain marital asset instead of the other (i.e., a business, a family home, etc).
- The financial contribution both you and your spouse made toward the marital asset in question during the course of your marriage.
- The tax consequences for the marital asset in question you or your spouse will have to handle independently once the distribution is made.
- The current economic standing of both you and your spouse and whether one of you needs to retain the marital asset in question more than the other.
- The age and health of both you and your spouse and how this may affect your earning capacity and financial independence once you part ways.
- The sacrifice you or your spouse made in your career during the course of your marriage and how this may affect your earning capacity and financial independence once you part ways.
If you are unsure of your next move, resort to a skilled Bergen County family law attorney. Someone at McNerney & McAuliffe will know what legal option works in your best interest. So call our firm today.
