Property Division

    JERSEY CITY, NJ, June 26, 2010 /24-7PressRelease/ -- In the state of New Jersey, marriage is considered, among other things, an economic partnership. Property and assets acquired during the marriage are legally owned by both parties regardless of whose money was used to purchase them. New Jersey uses a process to determine the distribution of marital assets called equitable distribution.

Equitable Distribution

The law governing property division requires the courts to consider fifteen factors to determine what is fair and equitable:

1. The duration of the marriage
2. The age and physical and emotional health of the parties
3. The income or property brought to the marriage by each party
4. The standard of living established during the marriage
5. Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution
6. The economic circumstances of each party at the time the division of property becomes effective
7. The income and earning capacity of each party including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage
8. The contribution by each party to the education, training or earning power of the other
9. The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property, as well as the contribution of a party as a homemaker
10. The tax consequences of the proposed distribution to each party
11. The present value of the property
12. The need of a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects
13. The debts and liabilities of the parties
14. The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse or children
15. Any other factors which the court may deem relevant.

Applying these factors the court can award from 0% to 100% to either party. There are some assets that are excluded from consideration including inherited property, gifts to either person from a third party and property acquired prior to marriage. If an asset acquired prior to marriage has increased in value the increase can be considered a marital asset.

Based on all of the factors listed above it is evident that agreeing on distribution rather than asking the court to decide is usually a preferred course of action.

The issues connected with the equitable distribution of marital property are complex if you are contemplating a divorce please visit the website of Law Offices of Anthony Carbone, P.C. at www.anthonycarbonepc.com for the help you need to sort it all out.

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