Protecting Your Assets in a Divorce

While we have all heard the phrase “what is mine is yours, and what is yours is mine,” this rings particularly true when it comes to property division during a divorce. “Property,” in the legal sense, includes real property (houses, buildings), tangible personal property (art, vehicles, furniture), and intangible personal property (income, stocks, assets). “Marital property” is any type of property that is acquired during the course of a legal marriage, regardless of how title or ownership of such property is held. As a result, marital property includes property that was only issued to one spouse in the marriage, such as the deed to a house or a checking account, as well as property that was held or purchased jointly by both parties. There are a few limited exceptions to what constitutes marital property, including gifts and inheritances, which are not marital, even if they were received by one spouse during the course of the marriage. When divorcing, you want to maintain as much of your property as possible while still claiming your legal right to your partner’s property as well—a tactic that requires experienced attorney intervention during the property division process.

The Divorce Process

Many clients understandably want to know what actually happens during a divorce. Below is a helpful guide to the various stages of a divorce. Of course, no two cases are the same, and these procedures may vary slightly from county to county, but this guide provides a general overview of what you can expect as you go through a divorce.

Joint vs Sole Custody Arrangements

One of the biggest decisions you will make when you and your spouse decide to file for divorce is regarding your children. You will need to decide who the children will live with, who will take the children on vacation, who will pick up the children from school, and who will make important day-to-day decisions about their lives. While this can seem overwhelming, especially when you have property division, court dates, and personal emotional concerns during this time, there are ways to come to reasonable resolutions regarding custody and parenting time arrangements that will help to ensure your children are not swept up into the middle of divorce, and provide them with much needed stability during an understandably stressful time. Courts favor custody and parenting time arrangements where both parents can maintain a reasonably active role in the child’s life, and coming to an agreement about the terms of this division of time requires an experienced Central New Jersey divorce attorney to help guide you through this seemingly overwhelming process.

Tax Considerations in New Jersey Divorce

Most couples going through a divorce are motivated to complete the process as quickly as possible. This mentality, however, can lead to short-term thinking when long-term consequences should be considered when entering into a divorce settlement agreement. One often overlooked component of a divorce settlement is the tax implications that may arise due to the division of marital property, and payment of alimony and child support.

New Jersey Divorce and Property Division

One of the most fundamental concerns couples have during a divorce involves the division of their property. Property, from a legal perspective, includes personal property (things: tangible and intangible) and real property (real estate). Property also includes shared debts, mortgages, and intangible monetary sources such as stocks, bonds, and other assets.