Equitable Distribution: Divorce Attorney In Monmouth County
Ensure Fair Division of Your Property and Business Assets
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.
Steps the Court Follows for Asset Distribution:
- Determine what property is eligible for distribution
- Value the property eligible for distribution
- Decide how to equally distribute the eligible property
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 Office of Darren C. O'Toole, LLC has the skills you need to guarantee your property and business, if applicable, are distributed equally.
Key Factors Influencing Equitable Distribution Decisions
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:
- The debts and liabilities of each party
- The income and earning capacities of each party
- The duration of the marriage / civil union
- The standard of living established during said marriage / civil union
- The tax consequences of the proposed assets to each party
- The present value of the property
- The contribution of each party to the acquisition, preservation, dissipation, depreciation, or appreciation in the amount / value of the property
- Any written agreement made by the parties prior to entering into the marriage / civil union concerning how property should be distributed in the event of a divorce
Once the court considers all of the above factors, they can then decide how property and businesses can be distributed amongst the separating couple.
Understanding Business Involvement in Equitable Distribution
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.
Get in Touch with Our Equitable Distribution Lawyer Today
The legal team at The Law Office of Darren C. O'Toole, LLC has been serving Monmouth and Ocean County for over 20 years. 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.
Confidential consultations are available, so contact our Monmouth County divorce firm today to learn how we can help with your family law case!
Clients Share Their Stories
At The Law Office of Darren C. O'Toole, LLC, your satisfaction is our priority! See for yourself what our clients have to say about working with us.
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We found Darren O'Toole to be a very caring and helpful attorney at one of the worst times of our lives. It is very scary choosing an attorney... so finding one that has values that you can admire is a great thing indeed.Debbie (New Jersey, NJ)
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“He kept the best interest of my family and me throughout a very difficult time.”James (Neptune, NJ)
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Darren got me through a difficult time during my divorce. He and his staff were professional and followed up expeditiously whenever needed. Highly recommend his services.Mark (New Jersey, NJ)
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“He helped me through what I hope will be one of the worst moments of my life. I'm forever grateful.”RA (Out of State, NJ)
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Thank you for making one of the hardest decisions in my life easy to manage. Your professionalism and concern exceeded my expectations.Bobby (New Jersey, NJ)