Identifying jointly acquired marital assets and debts, valuing them, and distributing them are part and parcel of almost every New Jersey divorce, including for people of modest means. New Jersey is an equitable distribution state, meaning that the couple’s assets are distributed in a way that is fair, yet not necessarily equal. In some states, all assets are divided in half. New Jersey’s equitable distribution law is more complicated, because parties and their legal counsel are directed to consider statutory factors that, if not decided by them (or a mediator or an arbitrator) will be determined by the trial judge.

Factors that determine the equitable distribution of New Jersey marital assets and debts include:

1. Duration of the marriage — in a marriage of long duration — it is almost certain that most of what the couple may own or owe was acquired jointly, even if listed in only one party’s name.
2. Health of each spouse — including age of each and mental health.
3. Income or property each spouse brought to the marriage.
4. Standard of living that was established over the course of the marriage.
5. The existence of a written agreement — distribution may be affected by a premarital or mid-marriage agreement if it is valid, fair, and enforceable.
6. The economic circumstances each spouse will face upon divorce.
7. Income and earning capacity — the skill sets, education, and potential for each spouse to be or become gainfully employed.
8. Contributions by each spouse to the others education or job training.
9. Contributions by each spouse to the marital assets, including as a homemaker.
10. Tax status and consequences to each spouse.
11. Current value of assets and debts.
12. The need of a parent with physical custody of minor children to live in the former marital home (which could lead to continued co-ownership, followed by sale upon the children’s completion of high school).
13. Debts and liabilities of both partners.
14. The need to establish a fund for the support or education of the parties’ children. The parties may agree to set up such a fund or funds immediately, to avoid a future shortfall of funds.
15. The extent to which one partner delayed their own goals to allow the other partner to pursue professional goals.
16. Anything else the court deems relevant.

One factor that is absent from this list is whether one or the other spouse is at fault for the divorce.  Violence, chemical addictions, gambling, gross wasting of marital assets, injuries to children, all could be considered marital fault that have an effect upon distribution of marital assets or debts.

The distribution of assets and debts incident to divorce can be complex. Having a skilled and experienced matrimonial attorney on your side can greatly affect how well you emerge from this difficult process. Call the Central Jersey law offices of Hanan M. Isaacs, P.C., at 609-683-7400, or contact us online, so we may offer you a near-term reduced fee initial consultation — and get started on your case.  We will listen to your facts, explain the law, and guide you on the best pathway to economic and marital justice.  Call now.  You will be glad you did.