New Jersey uses a system called “equitable distribution” to divide property in a divorce. This means things aren’t automatically split 50/50. This can be confusing and some people mistakenly think their spouse will get half of everything.
However, that’s not how it works here. Instead, the court divides property based on what’s fair, considering each couple’s specific situation.
Your spouse won’t get ‘half’ of what you own
In New Jersey, the goal is a fair division of property, not necessarily a 50/50 split. The court looks at several things when deciding how to divide marital property, including:
- How long you were married
- Each spouse’s age, health, and ability to earn money
- The lifestyle you had during your marriage
- Each spouse’s financial situation after the divorce
- What each spouse contributed to the marriage, including contributions as a homemaker
- Tax implications of the proposed distribution
This means the division could be 60-40, 70-30, or any other split the court thinks is fair. For example, if one spouse gave financial support to the other through a professional school or a business venture that really increased their earning power during the marriage, the court might award them a larger share of the marital assets to recognize that contribution.
Working together to divide your assets
Remember, while the court aims for fairness, it’s beneficial for couples to try to agree on how to divide their marital property outside of court. This can give you more control over what happens and can save time and money on legal fees. You have the right to try to reach this kind of agreement.
If you and your spouse are unable to reach an agreement on your own, consider seeking a lawyer with experience in New Jersey divorce laws. They can guide you on your legal options and help protect your interests throughout the divorce process.