Equitable Distribution: Divorce Attorney In Monmouth County
Ensure Your Property and Business is Divided Fairly
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:
- 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.
Factors Relating to Equitable Distribution
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.
What Happens When a Business is Involved?
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.
Contact 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.