Who will receive more assets in a divorce in New Jersey?
You want to know who will receive the most marital property in a divorce in New Jersey? What factors or criteria does the court take into account to assign more assets to one of the spouses? Who will receive less assets in a divorce in New Jersey?
Knowing how the judge will divide the marital property is important to obtaining a successful divorce in New Jersey. This allows you to show the court the reasons why you should receive more assets than your spouse.
So here I will leave everything on what reasons exist in New Jersey to give more assets to one of the spouses.
Will the court deliver half of the marital property to each spouse in New Jersey?
In a divorce in New Jersey the court will not necessarily divide the marital property equally.
Will the court consider the misconduct of one of the spouses in dividing the marital property in New Jersey?
In New Jersey, the court does not consider marital misconduct when dividing marital property. This means that if you are the guilty spouse you may still receive more assets, and if you are the innocent spouse that does not mean that you are the one who receives more assets.
On what basis does the court perform the division of marital property in New Jersey?
The court will divide the marital property according to what it deems fair.
What does the court rely on to make a fair division of marital property in New Jersey?
In New Jersey, the court considers 16 factors or criteria to make a fair division of marital property. Which of the spouses will receive more marital property will depend on these factors. The factors for fair division are as follows:
NJ Stat. § 2A: 34-23.1
Section 2A: 34-23.1 - Equitable Distribution Criteria
In making an equitable distribution of property, the court shall consider, among others, the following factors:
- to. The duration of the marriage or civil union. This means that the greater the number of years of marriage, the greater the amount of assets.
- B. The age and physical and emotional health of the parties;
This means that if you are elderly, or in poor physical or mental health, you will receive a greater amount of assets.
- C. The income or assets contributed to the marriage or civil union by each party;
This means that if you contributed income to the family estate, you will receive a greater amount of assets.
- D. The standard of living established during the marriage or civil union;
This means that the judge will take into account what the standard of living was, and will not try to affect it.
- m. Any written agreement made by the parties before or during the marriage or civil union regarding a property distribution arrangement.
This means that if you agreed with your spouse that the house you bought would not be considered marital property, it will not be shared, and it will continue to belong to the spouse that you agreed to.
- F The economic circumstances of each party at the time the property division becomes effective;
This means that if you would be left without financial resources due to the divorce, the judge will assign you a greater amount of assets to compensate.
- g. The income and income-earning capacity of each party, including educational background, training, job skills, work experience, length of absence from the labor market, child custody responsibilities, and time and expenses expenses necessary to acquire sufficient education or training to train the party. become self-sufficient with a standard of living reasonably comparable to that enjoyed during marriage or civil union;
This means that if you do not have financial resources, you do not have an education, you do not have a job, and you require training; the judge will assign you more assets so that you can be prepared to be self-sufficient.
- h. The contribution of each party to the education, training or purchasing power of the other;
This means that if you contributed financially or household chores to your spouse so that he or she could obtain an education, the judge will assign a greater amount of assets to you to compensate for the effort made. An example of this is when one of the spouses works so that the other can study at a university.
- I. The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the quantity or value of the marital property, or the property acquired during the civil union, as well as the contribution of one of the parties as a homemaker .
This means that if you were the one who helped increase the family's economic wealth, then you will be the one who will receive a greater amount of assets. In the event that your spouse is the one who contributed to reduce the economic patrimony, then he will be the one who receives the least assets. An example of the latter is when a spouse goes into debt for a pleasure trip. Whoever has been a housewife will also receive more goods.
- j. The tax consequences of the proposed distribution to each party;
- k. The current value of the property;
- l. The need for a parent who has physical custody of a child to own or occupy the conjugal residence or the residence shared by the partners in a civil union partnership and to use or possess household effects;
This means that if you are the one who will keep the children, you will receive a greater amount of assets.
- m. The debts and responsibilities of the parties;
- n. The need to create, now or in the future, a trust fund to ensure reasonably foreseeable medical or educational costs for a spouse, civil union partner, partner, or children;
- or. The extent to which one of the parties postponed the achievement of their professional goals. This means that if you stopped studying to dedicate yourself to marriage, or you stopped working, the judge will assign you more assets.
- p. Any other factor that the court considers relevant.
This means that the judge will use his own discretion to assign more property to one spouse than the other, in order that the division becomes fair.
- In all cases, except in cases where the court does not issue an award on the equitable distribution of the property in accordance with subsection h. deN .JS 2A: 34-23, the court will make specific determinations of fact
- NJS § 2A: 34-23.1
Finally, in order for you to obtain more assets in a New Jersey divorce, you will need to show that most of the above factors apply to you.