When you are thinking about filing for divorce in New Jersey, you may be unsure about whether you are making the right decision. For most people considering a divorce, the possibility of dissolving the marriage has been imminent for quite some time. However, it can be difficult to make the final decision to actually move forward with the divorce process.
Equitable Distribution of Assets and Liabilities
As an integral part of virtually every divorce or dissolution case, issues of equitable distribution of assets and liabilities arise. Unlike other states that are commonly referred to as "community property" states, wherein all marital property is divided equally by and between the parties, New Jersey employs the concept of "equitable distribution". This is a more flexible concept which allows the Court to consider all of the relevant facts which bear upon an economic distribution of includable assets and liabilities. The Courts in New Jersey endeavor to create a distribution plan which will be fair and equitable to both parties.
Many collateral issues arise incidentally to equitable distribution of marital assets and liabilities. These issues include determining which assets and liabilities are subject to distribution by the Court, methods to arrive at accurate values of these assets and liabilities, the dates upon which these assets and liabilities should be valued, and the formulation of an overall plan resulting in a fair and equitable distribution of these assets and liabilities. No two cases are alike; the assets and liabilities acquired or incurred by any couple are distinct and unique.
Given the amount of discretion afforded to the Court, there is absolutely no substitute for an experienced Family Law attorney. Issues involving equitable distribution of assets and liabilities can run from the routine, such as distribution of household furnishings and electronics, to the complex, such as distribution of closely held business interests.
The Family Law attorneys at Hoagland Longo handle each case on a personal basis while also having available to them the unparalleled resources of a large law firm. We have the resources, skill, education, and experience to handle all types of cases, ranging from the simple to the complex. We encourage you to contact our Family Law attorneys to discuss your entitlements and potential risks as they relate to equitable distribution of assets and liabilities.
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