When you go through a divorce, you know that many aspects of your life will change. You understand that you may have to move, and you could see significant changes in your personal finances. One of your primary concerns may be related to what will happen to your property and assets during this process. It is true that there will be a division of marital assets, and it will be helpful for you to learn as much as you can regarding how you can protect your property rights.
In most cases, marital property will be split equally between the two parties. However, you have the right to negotiate a final order that will allow you to face the future with confidence. Before you agree to any terms or make decisions that will impact your future, you will benefit from seeking an understanding of your rights and specific steps you can take that will shield your interests long-term.
Your debt and your personal property
In a divorce, the property to divide between the two parties includes all marital assets. Typically, this is any type of physical asset or money that either spouse saved, earned, purchased, collected or received over the course of the marriage. This also includes retirement savings, real estate, pensions, collections and more. Spouses often agree to split their marital assets equitably, but you and the other party can negotiate a split that is more favorable in your individual situation.
Spouses will also split marital debt. This ensures that one spouse does not leave the marriage with an unfair portion of financial obligations from his or her marriage. You can negotiate how you and your spouse will split debt, such as one spouse paying more debt in exchange for retaining certain assets. All separate assets and debts accumulated before the marriage are not subject to division in divorce.
Your future after divorce
The terms of your property division order will impact you for years to come. It is in your interests to focus on making decisions during your New Jersey divorce that will make the most sense long-term, avoiding making choices based on your temporary emotions. You will benefit from seeking experienced insight regarding your options and how you can make practical and sustainable decisions during this time.