Getting divorced can no doubt be a harrowing experience from an emotional standpoint. Still, the process can also be financially challenging. Here is a rundown on what happens to people’s assets, such as money, during the divorce process in New Jersey.
As a general rule of thumb, a divorcing couple’s marital estate includes any cars, real estate, investments and debts that the two parties acquired from their marriage start date until their separation date. The two individuals may agree on the way in which their assets should be divided. In this case, it may behoove them to draft their own property division agreement.
If the two parties cannot agree on the splitting of their assets, it is critical that they first look at how they acquired these assets. Any assets that they acquired together must be split between the two of them. However, the split may not be equal. Rather than splitting these assets 50/50, a judge may determine that it is more equitable, or fair, to divide them 70/30, for example.
Figuring out the division of assets can understandably be daunting, especially for divorcing couples who have many assets or who have high-value assets to split. However, a family law attorney can provide the guidance needed to tackle this divorce matter either through negotiation or at divorce trial if the two parties cannot work out a mutually satisfactory agreement outside of court. The attorney’s chief goal is to make sure that the client’s best interests financially are protected in either scenario in New Jersey.