Dividing Property in Divorce Fairly

Dealing with a divorce can be difficult enough on its own. However, the issues that stem from a divorce can complicate the process and leave you wondering about your rights. At Wernik & Salvatore, we are highly skilled in the areas of divorce and property division. Our attorneys take the time to review each client's individual case and needs to determine how best to pursue a resolution to their property division issues.

Guiding Clients Through the Distribution of Assets and Division of Property in a Divorce

Property division and asset distribution is often highly argued between divorcing spouses. In New Jersey, property and assets are divided according to the laws of equitable distribution. This means that while property may not be divided 50-50, the assets are distributed equally and fairly.

Property kept separate during the marriage, such as gifts, inheritances or property protected by a prenuptial or post-nuptial agreement, is protected and retained while marital property is divided according to the state statutes. Our Monmouth county property division lawyers can help you understand which of your property constitutes separate and what is marital − and fight for your rights to property and assets if necessary.

Types of Property Subject to Division

There are many types of property and assets that may be subject to division or allocation throughout the course of a divorce, including:

  • Homes
  • Other real estate property
  • Cars
  • Pensions
  • Stock options
  • Retirement savings, such as a 401(k)s
  • Personal belongings

It is also important to note that any debt accumulated by the couple throughout the course of the marriage is also subject to division according to the laws of equitable distribution. This is to ensure that one spouse is not left with all of the debt.

Division of Businesses

When a business is owned or has been invested in by both parties, the division of the marital property becomes more difficult. A thorough business valuation must be completed to ensure that the business is divided fairly between the two individuals. This can include examination of documents that detail the business's earning capacity, expenditures and profits. When attempting to obtain a business valuation, we enlist the expertise and knowledge of professional business valuation experts so that proper value is attached. By doing this, we can see that you receive your fair share of the business, or are compensated for the portion of the business to which you are entitled.

To further discuss your specific questions or concerns about property division and marital asset protection, get in touch with our lawyers at Wernik & Salvatore today: 732.201.3888. You can also contact us online.