Dividing Property During Divorce In New Jersey
At the time of divorce, one of the most contested issues is often property division. Whether you have significant assets or a family business, or you and your spouse have overwhelming debt, it is important to consult with an experienced attorney to protect your rights during the property division process. At Ullmann & Mikulka, Attorneys At Law, we address all issues, keeping a forward outlook to protect our clients financially in the long-term.
Know your options. Know your rights. We offer local, experienced advocacy you can trust. Call 973-786-3401 to protect your long-term financial interests.
What ‘Equitable Distribution’ Means
New Jersey is an equitable distribution state, meaning that the property will be distributed “equitably” as the court decides. This does not necessarily mean “equally,” so it is important to know your rights and work with an attorney you trust. The court will examine a number of factors, identify debts and assets, and distribute them between the parties based on what they believe to be fair.
Protecting Your Fair Share
Marital property can include savings and accounts and real estate, but it may also include personal property accumulated during the marriage. Before you enter a property dispute, it is important to know what property is yours and what could be split at the time of divorce. Our attorneys are experienced in complex asset division cases and will help you protect your rights.
The process of property division is nuanced. It is not simply identifying assets and dividing them between the parties. Additional issues, including tax implications and alimony/spousal support may become relevant during asset and debt settlement.
We have handled complex asset division cases involving:
- High-income and high-asset divorces
- Real estate, including the marital home
- Family-owned businesses
- Second homes and additional property
- Retirement assets, including pensions and IRAs
- Credit card, tax or medical debt
How Prenuptial Agreements Affect Property Division
Some divorcing couples will have a prenuptial agreement in place. This agreement would supercede the rule for equitable distribution. However, it is still necessary to consult with an attorney to ensure enforcement of the agreement, or if you want to challenge the contract. We are experienced in handling complex property disputes, including those involving prenuptial agreements, and can effectively protect your rights.
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