Marriage is viewed as a partnership, almost like a family business. Property that was acquired during the marriage is subject to what is called “equitable distribution.” There are exceptions to this rule, such as: property acquired during the marriage by either party as a gift from a third party or inherited property.
Equitable distribution of marital property does not always mean an equal division. There may be reasons why one spouse would receive more or less than an equal share of an asset.
New Jersey is an equitable distribution state. This means that all marital assets and liabilities are divided by applying the equitable distribution factors in accordance with New Jersey’s Equitable Distribution Statute, N.J.S.A. 2A: 34-23.1.
While there are a great number of potential issues that can arise during the course of a divorce proceeding, there are some issues that frequently arise.
There are too many potential equitable distribution issues to list, however it is important to discuss the facts specific to your case with an experienced attorney to assure that all relevant factors are given consideration.
It is important to consult with a divorce attorney on issues related to property distribution. Request a free, initial consultation with O'Toole & Gunteski, LLC today!