Asset Division & Equitable Distribution in New Jersey
Bergen County Divorce Attorneys to Protect Your Assets
New Jersey divorces include a division of marital property, that is, all
assets which you may have acquired during the course of your marriage.
The State will endeavor to distribute your property fairly, under the
guidelines of “equitable distribution,” if the task cannot
be accomplished by you and your spouse or by mediation or a collaborative process.
Property may include financial accounts, personal property, the value of
a business you or your spouse may have, or even a medical practice. If
you are facing a divorce and need to know how your property will be divided, our
divorce attorneys in Bergen County understand how to protect your rights while keeping you fully informed
throughout the entire divorce process.
Sherwood & Johnson, LLC to handle all the complexities associated with a divorce, including the
asset division phase. Our
family law firm has
combined more than 60 years of experience and are members of several organizations including the New Jersey Association
of Professional Mediators and the New Jersey State Bar Association, and
Bergen County Bar Association. Our firm has all the tools to represent
you in your divorce and obtain the outcome you desire.
We frequently handle
high-net worth cases involving business and / or medical practice valuations. We also provide
tailored information for executives regarding bonuses, deferred compensation,
stock options, and more.
How Is Equitable Distribution Managed?
When dividing the marital estate, Courts are not interested in who is at
fault for the divorce in most cases. Instead, Courts weigh a variety of
factors to decide how best to divide the property.
Such equitable distribution factors used in dividing assets include:
- The length of the marriage
- Any written prenuptial or postnuptial agreements
- The spouse’s overall economic circumstances
- The spouse’s income and earning capacity
- Each spouse’s health, emotional and physical, and their age
- The present value of all property
- Tax consequences of the division
- Any present or future need for a medical or educational trust for either
spouse of a child
It is up to the Judge to evaluate how much weight to give any individual
factor, however the length of your marriages, contributions, the need
for you and your spouse to support children of your marriage, and your
marital lifestyle are most important to the determination.
We Work to Get You the Property You Deserve
In most cases, property is valued by using its fair market value which
is the amount you could sell the asset for today. If necessary, our
Bergen County divorce lawyers can obtain outside help from real estate or business appraisers to ascertain
the values of property to be distributed in your divorce. We also may
propose that you utilize a forensic accountant to find the value of businesses
and other assets, and actuaries to value pensions.
Asset division can be especially contentious in a divorce, which means you need reliable
representation who will ensure you are being treated fairly. We consistently
uphold our client’s rights when their finances are on the line.
You worked hard for your property so let us maximize your entitlement!