One of the most important matters in any divorce is the division of the marital assets and debts. The result of your property distribution will have a major impact on your post-divorce lifestyle. This can be a difficult issue to resolve, particularly when a couple owns unique assets. In some divorces, seeking an equitable division of marital property can become very contentious. It is important that you work with a skilled lawyer. The Morristown law firm of Maynard & Sumner, LLC, can help you reach a positive solution.
In New Jersey, all marital property, both assets and debts, is subject to an equitable distribution. While equitable does not necessarily mean equal, each spouse should receive a fair distribution of marital property.
There can be a number of issues involved in determining what is and what is not marital property. For example, the proceeds of an inheritance may be separate from the marital estate. If the proceeds of the inheritance were placed in a joint account, however, it may be considered marital property. Another complex issue arises when one or both spouses own or co-own a business. It is important that the value of the business is correctly calculated. In addition, if the business interests are not divided properly, the business may not survive the divorce.
Judges have significant discretion in dividing marital property. Therefore, it is often advantageous for both spouses if they are able to resolve this matter in negotiations or alternative means of dispute resolution. Of course, if litigation is necessary to resolve your dispute, our law firm will work tirelessly to protect your interests.
Our law firm also drafts property settlement agreements / PSAs for couples that are going to divorce or considering divorce. A carefully drafted PSA will clarify each spouse's rights and responsibilities in the event of divorce.
Morris County, Passaic County · Divorce Settlement Lawyer
If you seek a conversation with a New Jersey property division attorney, contact Maynard & Sumner. Contact us by e-mail or call 973-540-0054. We offer a free initial consultation.
