How Is Marital Property Divided In A Divorce?
The division of assets is one of the most complex and acrimonious parts of a divorce. Spouses often develop a strong emotional connection to certain assets and fight hard to retain them.
At Miller & Gaudio PC, we will work closely with you to determine your goals for the asset distribution process and to learn which assets are most important to you. Then we will fight aggressively to pursue the result that best fulfills your needs.
Determining An Equitable Division Of Assets
While the standard view is that all assets of a divorcing couple will be divided “50-50,” such a one-dimensional view toward the law of equitable distribution is unwise and unfair to the respective parties. In fact, the law specifically mandates that equitable does not necessarily mean even. In fact, when considering how to equitably distribute a divorcing couple’s property (which, one must remember, also includes the parties’ debts and liabilities), N.J.S.A. 2A:34-23.1 provides 16 factors that must be considered, including, but not limited to, the duration of the marriage, the alimony that is to be paid, the parties’ economic circumstances, the tax consequences of a purported distribution scheme, and the parties’ current and future needs, based upon the parties’ current and future career prospects.
It cannot be forgotten that beyond the statutory factors, there exists a wealth of case law that gives support to a variance on the standard and typical asset distribution schemes, making it crucial that a divorce attorney understands and knows the intricacies of the law so as to ensure the best possible distribution of assets. Furthermore, other significant issues must be considered, such as taxes, investment potential, income to expense ratios, etc., prior to determining the best distribution scheme based upon the parties’ short-term and long-term financial goals. In addition, there may be a basis for excluding certain assets from distribution based upon same being obtained prior to the marriage or via gift or inheritance. Unfortunately, a divorce lawyer without a strong financial background is unable to adequately take into consideration these other important matters while representing clients, often simply accepting a 50/50 distribution of assets and liabilities without additional thought. At Miller & Gaudio PC, however, the attorneys have the requisite skill and knowledge to provide specific and accurate advice based upon considerations beyond the law. In addition, our divorce attorneys are always attempting to devise creative solutions to all of the issues in a divorce, including the equitable distribution scheme, so that they can ensure that the client’s short- and long-term goals are met.