When a couple files for divorce in the State of New Jersey, the court must equitably distribute all marital assets between spouses—regardless of titled ownership. Marital assets can include all property, both real and personal, which was legally acquired during the marriage by either one or both spouses.
Assets given as gifts, unless said gifts were given from one spouse to another, are not included in the equitable distribution process. Assets acquired prior to the marriage or by means of devise or interstate succession are also not included in the equitable distribution process.
When the court must decide how to distribute assets between divorcing spouses, they must follow three steps:
If you need help ensuring your property is equally distributed during your divorce, it is ideal you hire an experienced equitable distribution lawyer serving Monmouth County. The team at The Law Offices of O'Toole & Gunteski, LLC has the skills you need to guarantee your property and business, if applicable, are distributed equally.
There is no simple way to determine how assets and a business should be equitably distributed. Various factors affect how the court determines how assets are to be distributed including:
Once the court considers all of the above factors, they can then decide how property and businesses can be distributed amongst the separating couple.
Equitable distribution can become difficult when a business is involved. Whether the business was owned by one spouse or jointly owned, it can be challenging to determine how the business is to be equitably divided. A business evaluation is often necessary to determine the total monetary value of the business including the projected income and cash flow. Said evaluation is completed by a forensic accountant employed to work alongside the legal counsel.
The legal team at The Law Offices of O'Toole & Gunteski, LLC has more than 50 years of combined family law experience. We can handle a variety of cases related to family law including property and business division. No matter how complex your case may seem, we have the needed skills to ensure you receive a positive outcome.
Free and confidential consultations are available, so contact our Monmouth County divorce firm today to learn how we can help with your family law case!