In many divorce cases, it is not really about the division of marital property. Instead, it is the distribution of credit card debt, automatic pension debt, tax debt, and mortgage arrears repayment. The bottom line is that New Jersey is a very expensive state to survive. Property taxes are disgusting. Tolls are high. Food is expensive. Even if you just go to the beach, it will cost you almost $10. What a scam! Jersey is the only state besides New York that charges a fee to get to the beach. Let`s face it, many aspects of life in New Jersey are. In Ferguson v. Ferguson, 639 So.2d 921 (Miss.
1994), the court described the equitable division of matrimonial property in divorce as more just or equitable than the separate property system. The court may consider factors such as “the significant contribution to the accumulation of assets, the market and emotional value of the assets, the tax and other economic consequences of distribution, the needs of the parties, and any other factors relevant to an equitable outcome.” Fairness is the dominant policy that the court will apply. Alimony, child support obligations and all other property are taken into account. Intangible contributions, such as contributions from a spouse`s household to the household, are also taken into account, whether or not that spouse has a title in his or her name. A spouse who has made intangible contributions may invoke a reasonable interest in matrimonial property in the event of divorce. The theory is based on treating marriage as a partnership or joint venture, so that even if one party technically acquired all the assets through earned income while the other was at home and not working outside the home, the court would still recognize that the marriage was indeed a partnership and that, But without the fact that the unemployed spouse was at home and running the household for the family, the working spouse would not have had the opportunity to earn the income for the conjugal partnership. A prenuptial or post-marriage agreement can affect the settlement of your divorce. However, you may be entitled to certain property even if you signed a legal agreement before you got married. Contact our office to find out more about your rights. If you are considering divorce (or if your spouse has filed for divorce) and would like to learn more about New Jersey`s Fair Distribution Act, we encourage you to contact us for an initial confidential consultation. To speak confidentially with a New Jersey divorce attorney at Helmer, Conley & Kasselman, PA, call 877-435-6371 or request an appointment online today.
Another factor that would be taken into account is each spouse`s ability to earn money until retirement. If there is a significant difference in earning capacity between the two spouses, the court would take this into account. A person may have a much greater ability to earn money and save between the time of divorce and retirement. For the spouse with less purchasing power, this will be the only chance to secure his or her future. A judge may recognize that one spouse has an inherent advantage for the rest of his or her career that the other spouse does not have. In many cases, a very valuable asset is a professional degree. In many cases, a devoted wife or husband helps pay for a law or medical degree for their husband. I`m sure many people have heard of the common case where the devoted wife is a nurse and she works hard to pay her husband to go to medical school. Once the woman`s appearance fades, it is not uncommon for the husband/doctor to become a playboy.
She and her husband owned a house full of things, a car and a Visa card. Now that you are divorcing, you need to decide who gets what matrimonial property. For many couples, this is the most controversial part of divorce. Who gets the house? Who gets the car? Who gets the porcelain from your wedding table? Who receives the visa invoice? These questions can turn even the friendliest divorce into a hostile tug-of-war. When many people turn 55, they have a retirement account with a balance of more than $100,000. Some retirement accounts can be much larger. This can lead to complicated problems during the divorce process, as property must be divided equally between both spouses. The division of property, also known as equitable distribution, is a judicial division of property rights and obligations between spouses during divorce. This can be done by agreement, by property arrangement or by court order. Even if it has no monetary value, the care and education of the family is a contribution to marriage, and it is certainly considered. The couple was a team, and domestic contributions are valued by the court almost as much as financial benefits in the workplace. If someone has earned less than they would have earned otherwise because they sacrificed their own earning capacity, they will not be left behind in the rain in retirement.
The divorce lawyer would help explain why the client contributed less financially to the account than the other spouse. As a result, it is likely that the accounts will be distributed equitably. Parties and lawyers should try to develop a reasonable plan to liquidate the matrimonial patrimony and distribute the property in an orderly and equitable manner. However, this objective is rarely achieved. Privileges and judgments are filed. Mortgage payments are missed. Cars are crushed in accidents. In summary, only property acquired during the marriage is equitably distributed.
However, property acquired by a party in exchange for his or her marriage before the marriage remains subject to equitable distribution. The courts recognize that the “partnership” of marriage can begin even before the actual marriage with the purchase of property, such as a house. The spouse who does not bear his or her name on the deed may be asked to prove that he or she actively participated in the improvement of the dwelling before and after the marriage. When dividing assets and debts, it is important to know exactly what counts as “matrimonial” assets. Your spouse may be eligible for a portion of your retirement savings or investments, even if your name is the only name on the account. And you may be responsible for your spouse`s credit card debt, even if you didn`t know the account existed.