New Jersey is an Equitable Distribution State. This means that marital assets will be divided in a manner that is considered fair but not necessarily equal for the parties. Below we have developed an outline to give a general overview on Equitable Distribution in New Jersey.
Equitable Distribution in New Jersey an Outline Overview.
I. Assets subject to Equitable Distribution
a. Assets that are Acquired During the Marriage
b. Assets acquired in contemplation of marriage
II. Assets Immune by Statute
a. Premarital – except the increase in active assets value due to efforts of non-owner.
c. Gifts from third parties
III. Specific Assets: Subject to Equitable Distribution
a. Pensions and other retirement accounts that were acquired during the marriage.
b. Real Estate as per I(a), (b).
c. Automobiles, jewelry, inter-spousal gifts, house contents
d. Stocks, bonds, etc.
e. Insurance annuities and cash surrender value of life insurance policy
f. Business and partnership interests
g. Personal injury awards (medical expenses and lost wages only)
h. Debts, obligations, tax liabilities
IV. Assets not subject to Equitable Distribution
a. Educational and professional degrees
c. Assets immune by statute
V. N.J.S.A. 2A:34-23.1: Determination of Equitable Distribution
a. Marriage length.
b. Age, physical and emotional health of the parties.
c. Income or property brought to the marriage by each party.
d. Standard of living during the marriage.
e. Existence of written agreements made by the parties
f. Income and earning capacity of each party
g. The contribution by each party to the education, training or earning power of the other.
h. The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property
i. Contribution of the party as homemaker.
j. Tax consequences of the proposed distribution to each party.
k. The present value of the property.
l. The need of a parent who has physical custody of a child to own or occupy the marital home.
m. The debts and liabilities of the parties.
n. 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 child.
o. Other factors which the court may deem relevant.
For more information about equitable distribution matters in New Jersey please contact our office at (201) 880-5563, for an appointment with one of our attorneys.
Disclaimer: The contents of this website are of general nature and not intended to be a substitute for legal advice or the formation of a lawyer-client relationship. In order to be properly represented, please contact your local professional. In addition, the information given on this website has been composed by a New Jersey attorney practicing exclusively in New Jersey. None of the information contained herein should be deemed to apply in other states, nor should this website be construed as an attempt by the author to practice law in any state other than New Jersey.