Divorce is one of the hardest decisions that people have to make in their lives. After a divorce is decided upon, more difficult decisions still need to be made. When individuals are not able to make these decisions for themselves during divorce mediation, a judge may have to decide on issues for them. These marital issues can include child custody, child support, alimony and the division of assets. The division of assets differentiates between marital property and separate property. Then a judge will use equitable distribution to decide how assets should be divided between the spouses. Equitable distribution is a process that is used by many states to decide how possessions should be distributed for divorcing couples.
How are marital and separate property decided?
Courts will need to determine the difference between marital assets and separate assets before equitable distribution is required. Marital property is considered to be assets that are acquired during the marriage between the two spouses. These assets are left for the court to decide on how they are distributed between the two parties. In comparison, separate property is a factor that was not a part of the marriage. This may include a spouse’s inheritance or any personal gifts. Due to this, the separate property will be owned by own by the individual spouse and will not be up for the consideration of equitable distribution.
How is equitable distribution involved in the division?
Through the consideration of equitable distribution, judges will decide how assets should be distributed between spouses. For this process, it is important to know that equitable distribution will not divide the assets between the spouses equally. It does not split the possessions in half and give each spouse half. Instead, it is used to divide assets fairly and justly between the spouses. When deciding how to split assets, the judge will consider many factors of the marriage. These factors can include the duration of the marriage, the standard of living, the value of the marital assets, the health and age of both parties and the earning capacity and income of the couple. The allocation of assets can be impacted by the contribution of each party, tax consequences and an individual’s financial situation.
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. If you need a divorce and family law attorney in Ocean County, New Jersey, contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.