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Marital Distribution Of Assets And Debt In New Jersey

When it comes to divorce, oftentimes couples have a hard time calculating the value of their assets and liabilities and determining who will receive these assets and debts in the event of a divorce.

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Marital Distribution Of Assets

At The Law Office of Joanna D. Brick, Esq. we are fully knowledgeable with the New Jersey laws regarding “equitable distribution” standards and are committed to ensuring our client’s satisfaction with the outcome of their property division. Dividing assets and debt through equitable distribution does not mean that each spouse will receive 50% but rather that the division is fair and based on the facts of the marriage. Joanna D. Brick, Esq. provides personal and professional legal services for those going through a divorce in need of legal representation in negotiating the distribution of assets and debts in New Jersey.

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Assets And Debts In New Jersey, What Are They?

If you aren’t sure what you would consider an asset or a debt, then we are here to help you. An asset is considered all property acquired during marriage. A debt is considered any liability incurred, while married. Typically, liabilities will be creditors. Your assets may include but are not limited to checking/savings accounts, money market accounts, CDs, real estate, 401(k) plans, IRAs, pensions and other non-retirement investment accounts, automobiles, motorcycles, boats, RVs, and privately held businesses. It also includes home furnishings, appliances or accessories of significant value. Your debts may include but are not limited to credit cards, personal loans, automobile or other transportation loans, mortgages and potential tax liabilities owed to the IRS and incurred during the marriage.

What It The Legal Process In New Jersey For Asset And Debt Distribution?

There are two distinct approaches to resolving the distribution of asset and debt during a divorce. The first method is mediation or arbitration, which can be cost efficient and time effective. Choosing to use mediation or arbitration to settle the distribution of assets and debts in NJ not only saves you money and time, but you will most likely reduce conflict and your privacy will be protected. The Law Office of Joanna D. Brick, Esq. refers mediation services for divorce asset and debt distribution. We are committed to your best interests and will guide you through the process to ensure satisfaction and protection of your property. The other approach to asset and debt distribution in New Jersey involves litigation and will be more expensive, be drawn out over time and can get heated between the splitting couple. Our law office ensures that all of the facts are presented in the case and you have persistent professionals representing you throughout the case.

Seek Legal Assistance For The Distribution Of Your Marital Assets And Debt

The Law Office of Joanna D. Brick, Esq. has extensive experience in negotiating marital asset and debt distribution, offering quality, personalized, and professional legal services out of its central office in Fair Lawn, New Jersey. We service Northern and Central New Jersey including Bergen, Essex, Morris, Union, Somerset and Middlesex Counties. 

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Brick Law Firm

We represent and mediate for clients of all asset levels, including high net worth individuals. To learn more about how we can help you, call the Brick Law, LLC, in Bergen County, New Jersey, at 201-254-0881

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Our Trusted Legal Team

Joanna Brick
Attorney
Jeffrey T. Vazquez
Paralegal
Isabela Ruiz
Paralegal

Frequently Asked Questions

Common questions about distribution of assets & debts in New Jersey, answered by Brick Law, LLC.

Is New Jersey a community property state?

No. New Jersey is an equitable distribution state. Marital property is divided fairly, which does not necessarily mean equally. The court applies the statutory factors in N.J.S.A. 2A:34-23.1 to reach a division appropriate to the particular marriage and the parties’ circumstances.

What property is subject to equitable distribution?

Property acquired by either spouse during the marriage, regardless of whose name is on the title. Assets owned before the marriage, and gifts from third parties or inheritances received during it, are generally exempt — unless they were commingled with marital assets or used for a marital purpose.

When does the marital estate stop growing?

The cut-off is generally the filing of the divorce complaint. Assets and debts accumulated afterwards are usually the acquiring spouse’s own. Exceptions exist, particularly for assets bought with marital funds and for compensation whose value was genuinely earned during the marriage.

How are debts divided in a New Jersey divorce?

Marital debts are allocated using the same equitable factors as assets — who incurred the debt, for what purpose, and who benefited from it. A court order allocating a debt binds the spouses, but it does not bind the lender, who can still pursue whoever signed.

Does marital misconduct affect the division of assets?

Generally no. New Jersey courts do not punish a spouse financially for fault. Conduct becomes relevant when it has an economic dimension — dissipating marital assets on an affair, gambling or concealment — which the court can address through an adjusted distribution.

What happens to the marital home?

The usual options are sale with division of net proceeds, one spouse buying out the other’s interest, or a deferred sale until a defined trigger such as a child finishing school. The choice normally turns on whether the mortgage is affordable on one income and refinancing is possible.

Have a question that is not answered here? Contact Brick Law, LLC or call (201) 254-0881 to speak with a Bergen County family law attorney.

This information is general and about New Jersey law. It is not legal advice and does not create an attorney-client relationship. Every case turns on its own facts.

Disclaimer ⚠️

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.