Equitable Distribution
South Jersey Family Law AttorneysAfter alimony and child custody, distribution of property is the most contentious issue to be resolved in divorce. The rule of law in New Jersey for division of assets and liabilities in divorce is called equitable distribution. There is no presumption that "equitable" is 50 - 50, but it usually ends up being that way. Property includes all assets acquired during the marriage, including:
With regard to debts, these will be divided according to what is fair in your particular case. For example, if you have $10,000 in credit card debts and your spouse was the primary wage-earner during the marriage, it is possible that a court will make your spouse pay a larger amount of that debt. The more exotic your assets or debts, the more complex the distribution. Our lawyers use forensic accountants and appraisers to determine property values. Businesses can become very problematic in terms of figuring out the value. All properties need to be netted for their tax consequences. According to our tax code, most assets including retirement accounts can be transferred without tax penalty. To schedule a consultation, contact New Jersey equitable division lawyers Christopher Musulin and Colleen McGuigan. With office in Mount Holly, we serve clients throughout South Jersey. Your Equitable Distribution AttorneysChristopher Musulin is a fellow of the American Academy of Matrimonial Lawyers and the author of numerous books and articles on divorce. Colleen A. McGuigan is a member of the Burlington County Bar Association and the New Jersey Bar Association. |
