Skip to main content

NEW JERSEY EQUITABLE DISTRIBUTION

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.
b.      Inheritances
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
b.      Licenses.
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.

Comments

Post a Comment

Popular posts from this blog

When do I need to Probate A Will in New Jersey?

PROBATE AND WILLS IN NEW JERSEY As Estate Planning Attorneys in New Jersey we often get asks whether probate is necessary if the decedent has a Will.  To better answer this question we need to know what is probate.  Probate is the process which permits an executor to transfer assets as directed by a decedent in their Last Will & Testament to the beneficiaries in accordance to the decedent's Will.  In order to make a determination of which decedent's assets must go through probate, we need to determine the tittle in which the asset is held. Assets held in the name of the decedent alone such as real estate, personal property and monies owed to the testator will generate be transferred through probate.  There is however a caveat in this situation as to some financial firms provide beneficiary designation forms which may transfer these accounts without probate. Assets held by the testator and another person jointly, with a right of survivorship, are said to be held as pas
Post a Comment
Read more

Planning for Children in Case of Deportation

The current immigration climate is tense. Undocumented people fear not only for deportation but also for the care and wellbeing of their children.  It is important that people that are undocumented make plans in the event that this situation takes place. Among the first things to be planned is the provision of care and supervision of minor children while the parents are in the process of the deportation. It is important to keep all detail information of the child. If the child is an American Citizen, having their passports updated should be a priority. In addition, it is often suggested to create a power of attorney limited to the event of deportation. In this power of attorney, the parents should assign a guardian to take care of the child and allow permission to travel with the guardian. The undocumented person should also consider leaving financial provisions for the care of the child. It is often recommended that the undocumented person carries information of their attorney
Post a Comment
Read more

Establishing a Domestic Partnership in New Jersey

DOMESTIC PARTNERSHIP IN NEW JERSEY For unmarried couples, it is important to have proper estate planning documents to have legal standing to each other. The Domestic Partnership Act established domestic partnerships for same sex and opposite sex (age 62 and older) nonrelated partners.  Couples 62 years an older that want to establish a Domestic partnership need to establish the following criteria: ·          Share a common residence in New Jersey or in any other jurisdiction provided that at least one of the applicants is a member of a New Jersey State-administered retirement system; ·          Both persons are jointly responsible for each other’s common welfare as evidenced by joint financial arrangements or joint ownership of real or personal property; ·          Both persons agree to be jointly responsible for each other’s basic living expenses during the domestic partnership; ·           Neither applicant is in a marriage or civil union recognized by New Jersey law or a m
Post a Comment
Read more