Are Assets Split 50/50 in a Divorce?

Are Assets Split 50/50 in a Divorce?

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Are Assets Split 50/50 in a Divorce?

When you get a divorce, you know that your assets are going to have to be split up, but you may not know exactly how that’s going to work. Is it just an even 50/50 split? Or do things get more complicated? New Jersey uses an equitable distribution rule when dividing up your property, and our Chatham property distribution attorneys will do everything that they can to help you get a fair deal.

Are a Married Couple’s Assets Community Property?

New Jersey is not a community property state. This means that the state does not recognize all of your property to be jointly owned and in need of a perfect 50/50 split. Instead, the state uses an equitable distribution rule to make things as fair as possible for both parties. Now equitable does not necessarily mean equal, so a 50/50 split is not to be expected here.

The court will look at a variety of factors when deciding on which spouse should get which properties. Elements that can make a difference include:

  • The length of the marriage
  • Earning capacities of both spouses
  • The economic circumstances of both spouses
  • The standard of living established during the marriage

What Assets Need to Be Divided Up in a Divorce?

When you get a divorce, it’s not just the bank account that needs to be divided up. All of your assets need to be equitably divided. This can include:

  • The money in investment accounts
  • Retirement accounts
  • Properties and real estate
  • Expensive items like cars, jewelry, and furniture

It’s important to stay organized and ensure that all of your marital assets are accounted for. And don’t try to hide anything. That won’t work out well for you.

Do Debts Need to Be Divided Up?

Debts are also considered property that must be divided up. This can include credit card debt and student loan debt that is only in one spouse’s name. The court can look at the reason for the debt, who has been paying it, and when the debt was accumulated. Then they can decide whether or not it should be split among divorcing spouses.

How Can a Fair Arrangement Be Reached?

It is possible to make decisions about property distribution yourself. If you and your spouse do not want to leave this up to a judge, you can try to work out a deal concerning the split of your assets through mediation sessions or another method. If you can figure out a fair deal on your own, you can submit it to a court for approval.

Talk to a Family Attorney

If you are trying to protect your property during a divorce, you should not go it alone. Contact Lazor Rantas, PC and schedule a consultation with our team. We’ll do what we can to make it easier to secure a fair divorce agreement.

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