Monday, March 4, 2013

Will I Get to Keep the House in NJ Divorce?

 How Will NJ Courts Decide Who Gets What in Divorce?

Property Division in New Jersey Divorce Cases

Bergen County Divorce Lawyers

Property distribution is often the most contentious issue in the dissolution of a marriage or civil union. Disagreements over the division of marital assets drive many divorce cases to trial.  At the New Jersey law office of Aretsky & Aretsky, our divorce lawyers are committed to providing effective legal representation in negotiations, mediation, or divorce court.

Property Mediation in NJ Divorce 

We encourage you to attempt mediation, as it is often the most cost-effective method for reaching a property settlement agreement, but our number one goal is always to ensure your interests are protected. If that can only be accomplished in court, we are experienced trial attorneys ready to handle your case. As noted in our prior post and video which gives more detail on divorce mediation,  the decision to use a mediator is likely to save you money, time, and further damage to the relationship between the divorcing couple.  The process of divorce can lead to major acrimony that is sometimes avoided through mediation.  Contact our Ridgewood law office to meet with an attorney to discuss mediation as an option.

Experienced Attorneys Handling High Asset Cases

There are several interrelated issues that people will need to consider when reaching an agreement on the division of marital property. These are:
  • What is (and is not) part of the marital estate (marital versus separate non-marital property)?
  • Is there a valid prenuptial agreement which governs the distribution of marital and non-marital property and any award of alimony?
  • What is the value of each asset or debt?
  • How can marital assets be divided and what are the tax consequences associated with the division?
  • Who will benefit the most from having each marital asset? And what other property may offset it in the negotiations?
  • Is spousal support a consideration in this divorce?
Each of these issues can present challenges, particularly in complex divorce cases involving business holdings and deferred executive compensation packages.  By utilizing attorneys who have years of experience with complex cases, there is less chance of overlooking assets or negotiating away rights or money. The tax issues alone can be beyond the scope of either party to the divorce or even their accountants.  In complex divorce accountants are generally involved in determining distribution, but there are many ways to value things, and many decisions will have major tax consequences.  Who will pay the tax is part of the complexity of property division.  Our attorneys have extensive experience investigating and negotiating fair property settlement agreements. When it will be helpful, we work with financial experts to help clients understand their assets and make informed decisions regarding marital property distribution.

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