What Does Equitable Distribution Mean in New Jersey?

One of these unfamiliar phrases might be “equitable distribution.” If this phrase does not make sense to you, do not worry. You are not alone, and there are many people who have trouble understanding how equitable distribution works in the Garden State. In fact, even experienced legal experts often have trouble with this concept, and it is the source of considerable disputes in many divorce cases.

If you would like to fully understand how equitable distribution works, your best bet is to reach out to an experienced New Jersey divorce attorney. These experts can guide you through the entire divorce process, including matters related to the distribution of your property. Not only that, but they can also help you walk away from your divorce with your fair share of property.

Equitable Distribution Does Not Mean a “50-50” Split

The important thing to understand about equitable distribution is that your assets will not necessarily be split in a 50-50 manner. Only “community property” states follow this system. In contrast, equitable distribution strives to achieve a sense of fairness when dividing assets, and the court will take numerous factors into account.

What Factors Do the Courts Take Into Account?

There are many potential factors that a New Jersey divorce court may take into account when approaching the equitable distribution of various assets. These include:

● The duration of the marriage

● The age and health of both parties

● The income contributed to the marriage by each spouse

● The standard of living experienced by spouses during the marriage

● Any written agreements made by the spouses before or during the marriage

● How much money each spouse will have at the end of the marriage

● The income-earning potential of each spouse. This includes:

○ Educational background

○ Training

○ Employment skills

○ Work Experience

○ Responsibilities towards the children

○ The time needed to obtain the educational training needed for self-sufficiency

● How each spouse has contributed to the earning potential of the other

● The contribution of each spouse to the value of marital property

● The taxes each party will have to pay as a result of property distribution

● The present value of the property

● Does one spouse need to occupy the marital residence in order to raise the children?

● Debts of each spouse

● The need to create a trust fund in the future for educational or medical costs of each child or spouse

● Did one spouse choose to abandon their career goals as a result of the marriage?

● Any other factors that the court sees as relevant

Not All Contributions are Economic

It is worth noting that the courts will consider all contributions made by both spouses, including those that are not of an economic nature. These include raising children, making a home, and providing emotional support to the family. In the eyes of the court, these factors are just as important as economic contributions. In addition, the fact that one spouse did not gain employment during the entirety of the marriage is not usually a relevant factor in the eyes of the court. If you are looking for New Jersey Alimony Attorney, Giro, LLP, Attorneys at Law, could be your first choice.

Enlist the Help of a Qualified Divorce Attorney Today

Whether you are concerned about losing your hard-earned assets or you are worried that your spouse will not let you have your fair share, it is always best to enlist the help of an experienced divorce attorney. If you have been searching New Jersey for a qualified legal expert who can assist you in this matter, look no further than Giro, LLP, Attorneys at Law. We can help you understand the process of equitable distribution, and we can guide you through your entire divorce from start to finish.