Distribution of Assets & Debts
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. 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.
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. Call our law firm today at 201-254-7530.