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What is an equitable division of property in divorce?

On Behalf of | Nov 30, 2022 | Divorce, Property Division And Asset Preservation

Spouses need to divide their marital property as well as the rest of their lives during a divorce.

Under New Jersey law, the marital property consists of almost everything that either spouse obtained during the marriage. Whose name is on a title or on an account does not matter. If it was acquired during the marriage by either spouse, the parties will generally need to divide it during the divorce.

The division of the property does not necessarily need to be equal. During the divorce, the property is divided equitably. This often means that it will be a roughly equal division, but there are times when the equitable solution looks very different from a 50-50 split.

Factors used to determine an equitable division of marital property

To determine what is an equitable division of marital property, judges will analyze certain factors, which include, but are not limited to:

  • The length of the marriage
  • The age and health of each spouse
  • The income and property each spouse brought to the marriage
  • The overall financial circumstances of each spouse including their income and ability to earn income
  • The contributions of each spouse to the marriage and to acquiring the property. This can include contributions as a homemaker allowing the other spouse more career opportunities
  • Tax consequences to each spouse on the property they are receiving
  • Debts of the couple

Division of property during a divorce in New Jersey can be complicated. The parties need to determine which property is marital and which property is separate property. They need to determine the values of the property and then finally they need to determine the equitable division of the property.

Experienced attorneys understand how the entire process works and may be able to guide one through it.