You do not have to convince us that child custody and child support are your top concerns in your divorce proceedings. But it is also valid, and not at all selfish, to also worry about how your property division will pan out. After all, you may hold sentimental value or an exceptional pride of ownership over certain pieces of property. What’s more, being able to keep such property may heavily dictate your financial standing post-divorce. Well, the property division process you will be subjected to, above all else, depends on whether you reside in a community property or equitable distribution state. Please read on to discover the differences between the two and how a seasoned Bergen County equitable distribution attorney at McNerney & McAuliffe can help prepare you for what you are potentially up against.
What is the difference between community property and equitable distribution states?
Less commonly, a select number of states observe community property law (i.e., Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin). In these states, the family court may identify which property is considered community property, which is everything either spouse acquired during the marriage, along with the earnings this property may have produced. Then, the court typically splits this property evenly between the two spouses. This is while each spouse gets to keep their separate property.
Then, a majority of states, including the state of New Jersey, apply equitable distribution law to its litigated divorce proceedings. With this, the family court may divide marital property between the two spouses in a way that is deemed fair and just. Notice that “fair” and “just” are not necessarily synonyms to “equal.” This means that one spouse may walk away with more marital assets, earnings, and personal property while the other spouse may be left responsible for more marital debt, as an example. Similar to community property law, though, each spouse holds the right to maintain their separate property obtained before the marriage or separately during the marriage (i.e., gifts and inheritances).
How will my property be divided in the equitable distribution process?
The New Jersey family court handles the equitable distribution of marital property on a case-by-case basis. For your divorce case, they may consider the following factors before their final ruling:
- The age and health of you and your spouse.
- The length of your and your spouse’s marriage.
- The occupations and earning capacities of you and your spouse.
- The financial and non-financial contribution you and your spouse made toward the marital property.
- The decided-upon child custody arrangement and your child’s need toward certain marital property.
- Whether your or your spouse’s fault caused the waste or dissipation of marital property, under certain circumstances.
Before entering these proceedings, you should have already hired a competent Bergen County family law attorney to represent you. So, if you have not done so already, please contact McNerney & McAuliffe today.