What is marital property?
Marital property consists of assets earned or acquired during the marriage, such as income placed in joint accounts used for household expenses.
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Property Division in Divorce
If you are considering divorce, property division is only one of the legal issues that you will have to face. When it comes to property division, we will help you evaluate all of your assets and advocate for a favorable distribution. Do not hesitate to call us at (201) 798-8000 for a free initial consultation so we can discuss your legal options with you.
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One of the most complicated and contentious issues in a divorce is the property division between spouses. While ideally the parties can come to an agreement regarding the distribution of their property after the divorce, this is not always the case and the division is often left up to the court.
If you are considering divorce, property division is only one of the legal issues that you will have to face. You should consult an experienced family law attorney right away who can help you navigate the complex procedures and laws involved in a divorce. Bhatt Law Group has a team of experienced divorce attorneys who have been helping people in Jersey City and surrounding areas since 2006. Call us at (201) 798-8000 to speak with one of our attorneys.
Marital vs. Separate Property
When it comes to property division, the first step is to determine which assets should be considered “marital property.” Only marital property will be divided between the parties. Those assets that are considered separate property are generally exempt from the court’s property distribution order.
In general, martial property consists of assets that were earned or acquired during the marriage. For example, this would include income earned while married and placed in a joint bank account, which was used to pay for household bills. Anything acquired with such money will also be considered marital property.
On the other hand, “separate property” only belongs to one spouse. Generally, this includes property owned by one party before the marriage or any gifts or inheritance received by a spouse before or while they were married. This also includes property that the spouses agreed on in writing to maintain as separate property.
Equitable Distribution Statute
When a New Jersey court has to make a decision on property division, there are a list of criteria provided by statute that it has to consider. These criteria include:
- How long the marriage lasted
- The age and health of the parties
- The income or property contributed by each party to the marriage
- The standard of living established during the marriage
- Any pre- or post-nuptial agreements made by the parties regarding property division
- Each party’s economic situation at the time the property division becomes effective
- Each party’s income and earning capacity, including educational background, training, employment skills, etc.
- The contribution made by each party to the education or earning capacity of the other
- Any tax consequences of the proposed property division
- The present value of the marital assets
- The parties’ debts and liabilities
- Any present or future need of a trust fund to secure foreseeable medical or educational costs for a spouse or children
- Other factors that the court may deem relevant
Jersey City Divorce Attorneys
Bhatt Law Group can provide you with experienced and compassionate representation for your divorce. It is an emotional process that requires an attorney with both extensive legal knowledge and the ability to listen to your concerns for your family. When it comes to property division, we will help you evaluate all of your assets and advocate for a favorable distribution. Do not hesitate to call us at (201) 798-8000 for a free initial consultation so we can discuss your legal options with you.
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Domestic matters can be incredibly complicated and emotional. Our team of New Jersey family lawyers at Bhatt Law Group are dedicated to protecting your best interests in family law matters, from divorce to custody disputes to DYFS investigations. Let us help you through this challenging time in your life.
Your Family Law Team
Domestic matters can be incredibly complicated and emotional. Our team of New Jersey family lawyers at Bhatt Law Group are dedicated to protecting your best interests in family law matters, from divorce to custody disputes to DYFS investigations. Let us help you through this challenging time in your life.
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Frequently Asked Questions
What is separate property?
Separate property belongs to one spouse and generally includes assets owned before the marriage, gifts, or inheritances received by a spouse.
How does New Jersey determine property division in a divorce?
New Jersey courts consider various factors, including the length of the marriage, each party's income, contributions to the marriage, and any pre- or post-nuptial agreements.
What should I do if I'm considering divorce?
It's important to consult an experienced family law attorney to help navigate the complex legal issues involved in a divorce.
How long has Bhatt Law Group been helping clients?
Bhatt Law Group has been representing clients in Jersey City and surrounding areas since 2006.
What can I expect during a divorce consultation?
During a consultation, you can discuss your legal options and receive guidance on property division and other divorce-related issues.
Is there a free consultation available?
Yes, you can book a free initial consultation with Bhatt Law Group to discuss your legal options.
What factors might affect the court's decision on property division?
Factors include the marriage's duration, each party's economic situation, contributions to the marriage, and any relevant tax consequences.
How can Bhatt Law Group assist me during my divorce?
Bhatt Law Group provides experienced and compassionate representation, helping you evaluate assets and advocate for a favorable property distribution.
How can I contact Bhatt Law Group?
You can call Bhatt Law Group at (201) 798-8000 to speak with one of our attorneys.