Division Of Assets
In a divorce in New Jersey, property acquired during the marriage needs to be divided fairly, either by voluntary agreement of the parties or by order of the trial judge. Unless shown otherwise, the Court will presume that both husband and wife made a substantial financial or non-financial contribution to the acquisition of income and property while the parties were married to each other. In making an "equitable" distribution of marital property, the court shall consider the following factors:
- The duration of the marriage
- The age of the parties
- The physical health of the parties
- The emotional health of the parties
- The income brought to the marriage by each party
- The property brought to the marriage by each party
- The standard of living established during the marriage
- Any written agreement made by the parties before or during the marriage concerning an arrangement of property distribution
- The economic circumstances of each party at the time the division of property becomes effective
- The income of each party
- The earning capacity of each party, including:
- educational background
- Training
- employment skills
- work experience
- length of absence from the job market
- custodial responsibilities for children
- the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage
- The contribution by each party to the education, training or earning power of the other
- The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property
- The contribution of a party as a homemaker
- The tax consequences of the proposed distribution to each party
- The present value of the property
- The need of a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects
- The debts and liabilities of the parties
- The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse or children
- Any other factors which the court may deem relevant
In every case, the court is required to make specific findings of fact on the evidence relative to all issues pertaining to asset eligibility or ineligibility, asset valuation, and equitable distribution, including specifically, but not limited to, the factors listed above.
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