New Jersey is an equitable distribution state. This means that marital property is not always divided equally. Rather, it is divided equitably.
Marital property is often made up of property, pensions and retirement plans, savings and checking accounts, jewelry, furniture, vehicles, season sports tickets, vehicles, pets, and many other assets and debts.
In accordance with New Jersey’s Equitable Distribution Statute, courts will consider the following factors when an asset is identified as a marital asset that is to be divided:
a.) The duration of the marriage;
b.) The age, physical and emotional health of the parties;
c.) The income or property brought to the marriage by each party;
d.) The standard of living during the marriage;
e.) Any written agreement made by the parties before or during the marriage concerning an arrangement of property division;
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 marital 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 the 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.) The extent to which a party deferred achieving their career goals; and
p.) Any other factor which the court may deem relevant.
Contact Tomasella and Vacca, L.L.C for a consultation if you have any questions regarding specific assets acquired during your marriage that requires the expertise of our Family Law Attorney Hackensack NJ.