When you are considering your life after divorce, you may wonder what your financial future will look like. You know that adjustments will be necessary and changes are inevitable, but it is essential to make choices that will allow you to establish security and stability for years to come. As you prepare for the property division process, you may assume that equal division of all marital assets is ideal, but that may not be the case.
Instead of equal distribution of assets, you may benefit instead from seeking an equitable division of all assets. When your focus is on what is reasonable and makes the most sense for your long-term interests, you will be more likely to secure terms that will allow you to face the future with confidence. It is important to understand the differences between equal and equitable distribution of assets in order to seek the best possible terms.
Your fair share of marital property
One of your primary goals for the property division process is to secure your rightful share of all marital assets. Marital property includes anything bought, collected, earned or accumulated over the course of the marriage. While equitable distribution is only one approach for dividing marital property, you may benefit from considering the following:
- Equitable division does not mean equal. Equitable division focuses on a practical distribution of assets that makes sense for the individual situation.
- A court may divide assets equitably, considering factors such as the financial contribution of each spouse during the marriage and more.
- You and the other spouse can settle property division matters out of court, focusing on an equitable division of assets.
- In order for equitable division of assets to work well, it is beneficial to have an accurate valuation of all marital property.
Regardless of the approach you take regarding marital property, you have the right to seek your preferred outcome, whether it is in the courtroom or in negotiations.
Your future after divorce
During a New Jersey divorce, it is normal to want to allow how you feel in the moment to dictate your decisions about your future. However, this does not always lead to the best choices, and you will benefit from having guidance as you consider your options. Before you make any decisions regarding property division, you will benefit from thinking about what will provide you with a strong post-divorce future.