Division of Marital Assets: 'Fair' Doesn't Necessarily Mean 'Half'
Every divorce requires the separating spouses to divide their property and debts. Sometimes the process is as simple as agreeing to sell the house and the car and share the proceeds. In most divorce cases, however, even the supposedly "easy" decisions about marital property tend to break down into fierce battles.
New Jersey has few hard and fast laws regarding division of marital property division. This makes the process even more susceptible to conflict.
For clients who are contemplating divorce and anticipate a battle over the division of marital property, it pays to seek early legal advice from an attorney who understands New Jersey property division rules and who is not afraid to fight to achieve her clients' wishes.
The Law Offices of Veronica R. Norgaard, LLC has built its law practice on the principles of hard work and meticulous preparation of its clients' cases. The firm's founding attorney, Veronica Norgaard, knows how to develop intelligent strategy, and she is known as an advocate who is unafraid of a battle.
New Jersey Is an 'Equitable Distribution' State
Under New Jersey divorce laws, divorcing spouses do not have to divide all marital assets and debts strictly in half. Instead, property and debts must be divided in a way that is fair to both parties when other factors such as income and awards of alimony and child support are considered. These relatively vague guidelines give lawyers a lot of room to maneuver when negotiating a divorce settlement or preparing a divorce case for trial.
The Law Offices of Veronica R. Norgaard, LLC takes extreme care with every aspect of the property division phase of a divorce:
- Tracing assets and debts back to their acquisition to determine whether they are marital or individual property
- Proper valuation of assets according to accepted standards of valuation
- Advice regarding the tax consequences of a proposed marital property settlement
- Advantages and disadvantages of lump-sum versus structured payouts of assets such as retirement plans and pension funds
- Proper assignment of marital debts
Protecting Clients' Assets and Financial Futures | Contact Attorney Veronica Norgaard
For any person beginning to consider divorce, or who has already decided to proceed with one, the Law Offices of Veronica R. Norgaard, LLC has immediate appointments available to answer questions about marital property division.
For more information, or to schedule a free initial consultation with a lawyer, contact the law firm online in New Brunswick, New Jersey, or call 732-226-7619 today.