When a couple makes the decision to get divorced, there are a wide number of factors that need to be handled. One of which is dividing up all of the property that the couple has acquired throughout the course of the marriage. It is important to first establish the difference between separate property and marital property. Marital property is any property that was acquired by the couple during the time in which they were married. Any property that was acquired prior to the time in which the couple was married is considered separate property. However, over time, there is the possibility that certain separate property can turn into marital property. This may be true for certain assets, such as a house.
The equitable distribution process is the way courts divide assets in a divorce. It is important to be aware that equitable does not mean equal and one spouse might walk away from the divorce with more assets or liabilities than the other spouse. Some of the factors that the court takes into consideration when dividing a couple’s assets are the financial status of each party, the level of contribution to obtaining assets or liabilities, the age and health of each party, and more. Everyone’s situation is different and there may be extraneous factors that the court must take into consideration when they are conducting the equitable distribution process during a divorce.
If you have questions about the equitable distribution process or any other divorce-related matters, contact our firm today.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.