A common myth about divorce is that everyone gets 50/50 of your marital assets. Simply, that’s not the case. Many factors play a role in what the court decides is fair to award each of the parties in a marriage. There is absolutely no reason to believe that you will receive 50% of your marital assets because that is what is “fair”.

At Jersey Coast Family Law, our New Jersey divorce attorneys work with clients who are facing a wide range of factors that could contribute to their ability to receive a settlement in divorce. If you are unsure what your divorce rights are or what implications your past decisions may have on your divorce, set up a consultation with an experienced New Jersey divorce attorney to explore your legal options.

Understanding Equitable Distribution

Equitable distribution is different from equal distribution. Equitable distribution means taking into consideration a wide range of factors to determine the best way to divide assets in a fair manner. It is not true that in New Jersey divorce, both parties receive 50% of all assets acquired during the marriage. In New Jersey, an equitable distribution statute is in place. That statute considers numerous standards and factors when making decisions about assets.

It is a comprehensive look at all factors, not just one or two elements of that marriage, that ultimately determines how your assets are split. Because of this complexity, it is necessary to head into divorce with as much evidence to back up your claim as possible.

Factors Considered in Asset Division

The division of assets is dependent on the available information the court has. It is up to you, as a spouse, to verify what your assets are as well as clarify how money was spent and managed during the marriage.

Some of the factors that the equitable asset distribution process takes into account include:

  • What each party brought into the marriage
  • How each party spent money during the marriage
  • What each party’s behavior was like during the marriage
  • What each party is leaving the marriage with
  • What did each party acquire during the marriage

In addition to this, the court may consider the length of the marriage as well as the income and property brought into the marriage by each party. If one person started a lucrative business prior to the marriage, and the other spouse did not contribute to that business during the marriage, that plays a role in how the court awards assets.

The economic circumstances of each party at the time of division, including their ability to earn a living that is close to the standard of living, also play a role. A person who provided homemaking and child-rearing services is not at fault, though, because they did not work outside of the home. Rather, their contributions to the marriage were child-rearing and homemaking.

Exceptions to Equal Division

There are some situations where a 50/50 split may apply in a New Jersey divorce. For example, if all parties are financially equal and made the same contribution level to the marriage and have the same level of financial stability and earning capacity when leaving, a 50/50 asset split may be appropriate.

More commonly are situations where a 50/50 asset split is not fair and, therefore, may not occur. Some examples of this include the following:

  • Significant disparities in income. If one spouse has the ability to earn a significantly higher income after the marriage, especially if the other spouse provided homemaking or child-rearing services, the division of assets may not fall along the 50/50 split.
  • One spouse has significant non-marital assets. In some situations, one spouse will come into the marriage with assets or may be the only benefiting party from a business. In these situations, that could play a role in which assets are divided.
  • Misconduct during the marriage was one-sided. In situations where there is any type of misconduct, including extramarital affairs or spending marital money in a wasteful manner, this could also play a role in the division of assets in the marriage.

These are simply examples, and other situations may exist in which a 50/50 asset division is not likely to occur.

Many myths and urban legends remain about divorce, and because divorce laws vary from state to state, many individuals have misconceptions about New Jersey divorce and asset division. Instead of believing divorce myths, it is critical that you seek out legal support from a New Jersey family law attorney who can provide you with guidance on what your legal options may be.

Importance of Legal Guidance

In many legal matters, the division of assets comes down to what is fair based on all of the factors discussed here. Yet, it will be up to you or your family law attorney to prove to the court what those standards and factors are. That is, you need to communicate what you provided during the marriage or what the other spouse did not provide. You need to demonstrate your ability to earn a living after marriage based on your education, skills, and work history.

How Does a Prenuptial Agreement Apply to New Jersey Asset Division?

In New Jersey, a prenuptial agreement plays a significant role in asset division during a divorce. A valid prenuptial agreement, created and signed before the marriage with the advice and counsel of an experienced family law attorney, outlines how assets and debts will be divided if the marriage ends. A prenup can override New Jersey’s equitable distribution laws, allowing couples to determine their financial arrangements in advance rather than leaving the decision to the court. However, for the prenuptial agreement to be enforceable, it must be entered into voluntarily, with full financial disclosure from both parties, and must be fair and reasonable at the time of enforcement.

Without a prenuptial agreement, New Jersey’s equitable distribution laws apply, where the court divides marital assets and debts in a manner it deems fair, but not necessarily equal. This process considers various factors, such as the length of the marriage, each spouse’s financial situation, and contributions to the marriage. Therefore, having a prenuptial agreement can provide clarity and certainty, reducing potential conflicts and lengthy legal battles during the divorce process.

By working with an experienced family law New Jersey attorney, you gain the advocate you need to stand up for yourself and ensure your voice is heard. Fair distribution of assets is possible, and that takes into consideration all of the elements listed here. Your attorney will work to consider all factors that relate to your case, including any areas where you may be able to show the court that you deserve added compensation or support.

Talk To an Experienced New Jersey Family Law Attorney

Fair distribution is not the same as a 50/50 asset division in a New Jersey divorce. This common divorce myth could slow you down in seeking a fair division of assets in your case if you do not know your rights. Do not assume that the court will award you half of all marital assets. Instead, work with an experienced attorney to protect your future.

At Jersey Coast Family Law, our divorce attorney in New Jersey works with clients in a variety of situations to determine the best way forward in their individual circumstances. Contact our attorney now to discuss your case with confidence. We have offices in Toms River and Red Bank that serve clients throughout New Jersey. Call us now for a consultation at 732-361-4718.

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