New Jersey Property Division Lawyer

At Putterman Legal, our Atlantic County property division attorneys are committed to providing top-tier legal guidance and support to people who are going through a divorce. As a full service firm, we handle all aspects of family law, including property division, estate planning, and dispute resolution. Our firm handles even the most complex of asset division matters. If you have any questions about property division, we can help. Contact us at our Atlantic County office today for a free consultation with a top New Jersey property division attorney.

Property Division: New Jersey is an Equitable Distribution State

Deciding who gets to keep what is one of the most challenging aspects of a divorce. A married couple will invariably intertwine their lives. Property, assets, and debts often get commingled. Splitting things can be very difficult, especially so for New Jersey couples who own complex property. In New Jersey, marital property is divided according to the principle of equitable distribution. Here is an overview of key points that you should know about the law:

• Equitable Distribution Means Fair (Not Always Equal): In New Jersey, the court divides property in a way that is fair. It is not necessarily equal. A 50/50 split is common, but it is by no means guaranteed as a matter of law. The specific facts of the case matter. While assets and debts are sometimes divided equally, the law focuses on fairness and considers various factors when determining the division.
• Marital Property is Divided, Not Separate: Equitable distribution applies only to marital property, which includes assets acquired and property acquired during the marriage. Identifying marital property versus separate assets is crucial, as only marital assets are subject to division. Property owned before the marriage, inherited by one spouse (including inheritances received), or received as a personal gift is usually considered separate property, unless it was later commingled.
• Debt is Also Divided in a Divorce in New Jersey: Marital debts, such as credit card balances or loans taken during the marriage, are allocated between the spouses as part of the distribution. To be clear, debt and liabilities are subject to the same standards of property division as assets in New Jersey. Only marital debts are split up. Separate debts remain with the specific spouse. Further, debt is divided in the manner deemed most fair, and the court may consider the earning potential of each spouse when allocating debts.

The court considers various factors, including the length of the marriage, each spouse’s contributions (financial and non-financial), and earning potential, when determining how property and debts are divided.

Many divorcing couples are best able to handle property division matters on their own, through a settlement agreement. Often, mediation can be an effective way to split property and assets in a divorce. A longer marriage may result in a more equal division of assets, and the court follows New Jersey’s equitable distribution law to ensure a fair outcome. However, if no settlement can be reached, a court will step in and divide property in an equitable manner as determined by New Jersey law.

If the court must intervene, the process of property division works by first identifying marital and separate assets, including inheritances received and separate assets, and then assigning value before division between each spouse and the other spouse.

Understanding Marital Property in New Jersey

In New Jersey, understanding the distinction between marital property and separate property is essential for anyone facing divorce. Marital property includes virtually all assets and debts acquired during the marriage, regardless of which spouse’s name appears on the title or account. This broad definition means that the family home, investment properties, bank accounts, retirement accounts, vehicles, and even certain business interests accumulated while married are typically considered part of the marital estate. These assets and debts are subject to property division under New Jersey’s equitable distribution law.

Equitable distribution in New Jersey means that marital assets and debts are divided fairly, but not necessarily equally, between divorcing spouses. The court considers a range of equitable distribution factors, such as the length of the marriage, each spouse’s economic situation, the standard of living established during the marriage, and the contributions each spouse made to acquiring marital property. The goal is to ensure that the division of property in New Jersey is just and reasonable, reflecting the unique circumstances of each divorce case.

Separate property, on the other hand, generally refers to assets owned by one spouse before the marriage, as well as inheritances or gifts received by one spouse during the marriage. These assets are typically considered separate property and are not divided in divorce, unless they have been commingled with marital funds or used for joint purposes. For example, if one spouse uses marital funds to renovate a home they owned before the marriage, the increased value of that property may be subject to division as part of the marital assets.

The process of dividing marital property in New Jersey begins with identifying and categorizing all assets and debts as either marital or separate. Once this is done, each asset must be assigned a fair market value, often requiring the expertise of real estate appraisers, financial professionals, or business valuation experts, especially when dealing with complex assets like investment properties or retirement accounts. New Jersey courts require that marital assets be valued at their present value to ensure a fair division.

Tax Consequences of Dividing Marital Assets

Tax consequences are another important consideration when dividing marital assets. Transfers of certain assets, such as retirement accounts, may have significant tax implications that can affect the overall fairness of the property settlement agreement. A knowledgeable Jersey property division lawyer can help divorcing spouses understand these potential tax consequences and structure a settlement that protects their financial interests.

Because property division can be complex, especially when marital and separate property have become intertwined, it is wise for divorcing couples to seek guidance from an experienced law firm. From the initial consultation through negotiation or litigation, a skilled attorney can help ensure that all marital property is identified, valued, and divided fairly according to New Jersey law. Whether through a negotiated property settlement agreement or a court decision, the aim is always to achieve a division that is equitable, taking into account all relevant factors and the needs of both spouses.

By understanding how marital property is defined and divided in New Jersey, divorcing spouses can better protect their rights and work toward a fair outcome. With the support of a dedicated Jersey property division lawyer, individuals can navigate the complexities of property division and move forward with confidence, knowing their interests are being represented every step of the way.

Why Trust New Jersey Divorce Lawyer Bonnie Putterman

Your property rights matter. One of the most challenging aspects of a divorce is splitting up your assets and your debts. A proactive, detail-focused approach is a must. The experienced divorce lawyers at our firm are dedicated to protecting clients’ rights during property division. New Jersey family lawyer is more than ready to help. Our tell the story best. When you reach out to our Atlantic City law office, you will have an opportunity to consult with a New Jersey divorce attorney who can:

• Conduct a comprehensive, confidential review of your case;
• Help you gather all supporting financial/property records;
• Represent you in any settlement negotiations with your (former) spouse, helping clients who are getting divorced secure a fair property settlement; and
• Develop a strategy focused on helping you get the best outcome. 

Property Division New Jersey: Frequently Asked Questions (FAQs)

Contact Our Atlantic County Property Division Attorney Today

At Putterman Legal, our Atlantic County property division lawyers are standing by, ready to help you find the best solution for your specific situation. If you have any questions about property division, we are here as a family law resource. Contact us today at (609) 625-8383 for your completely confidential, no obligation consultation. With an office in Atlantic County, our firm provides family law services throughout the region in New Jersey.