Elder Law, Family Law, and Estate Planning in Hackensack, New Jersey

 Many people think that all property and debts are divided 50/50 in a divorce. This is typically not the case. Rather, there is an equitable division of property among the spouses. This means that if one spouse makes more income, they may assume more of the debt and more of the property and assets, as well. For example, if one spouse makes substantially more money than the other spouse, they may agree that the spouse retains 70% of all of the property and assets and receives 70% of the debts, as well. Both spouses will need to agree to a scenario regarding the equitable division of property, or a judge will make a determination on their behalf. Equitable Division of Debt Any debt acquired during the course of a marriage can be considered marital debt, and can include mortgages, vehicle loans, credit cards, or other types of debt. Again, this debt will be divided equitably among both spouses dependent on the specific facts and circumstances of the case. Never take on a gr

One of the most stressful parts of a divorce negotiation may be the division of marital property, assets, and debts. As you contemplate your divorce and attempt to navigate all of the complicated laws in the state of New Jersey , you may wonder how your assets and debts will be divided, and whether or not you will receive a fair division of financial assets by the court. Learning more about how marital property is divided in a divorce can help you ensure that your rights remain protected.                                                Determining and Assessing Value Almost all assets and property acquired during a marriage will be considered marital property for purposes of division of marital assets. Unless there is a unique circumstance, such as the property being covered by a prenuptial agreement or a gift directly to you from a relative, it will likely be considered as marital property. In some cases, depending on the extent of the finances involved, a couple may want t