Equitable Distribution Attorney NJ
Brooklyn Division of Marital Property Attorneys Defend the Rights of Clients Splitting Assets in Divorce in Bergen County, Hudson County, Queens County, Long Island, and Throughout North Jersey and NYC
The process of divorce involves disentangling the financial lives of both spouses so that they can move on separately from one another. But where a couple has spent years building a life together, this can become extremely complex and time-consuming, especially when a couple has significant assets and liabilities. An equitable distribution attorney in NJ from Choi Law Firm can help you advocate for your fair share of the property you and your spouse have built together.
Our legal team brings more than 40 years of combined legal experience to the table to advocate for favorable solutions and results on behalf of our clients. Get the experienced legal counsel you need to protect your interests in divorce. Reach out to Choi Law Firm for an initial case evaluation to discuss how our firm will advocate for you in the division of marital assets in New York.
What Is Equitable Distribution?
Equitable distribution refers to the process by which marital assets and liabilities are divided between spouses in a divorce. Equitable distribution seeks to split the marital estate fairly, based on a couple’s circumstances. The division of assets and liabilities does not have to be 50/50. Equitable distribution only divides marital property and debts, not each spouse’s separate property. Examples of marital property may include:
- Real and personal property that was purchased during the marriage
- Assets in bank accounts, investment retirement accounts, and pension accounts that were acquired during the marriage
- Ownership interests in businesses that were started during the marriage, or the growth in value of such interests that occurred during the marriage
Separate property generally includes all property that was obtained prior to the marriage, any inheritances and gifts other than from a spouse, or compensation obtained in a personal injury claim.
In equitable distribution, courts may assign certain assets, financial accounts, and debt accounts to each spouse. Courts may also one spouse who receives certain assets to make financial payments to another spouse to help balance the value of the marital estate being received by each spouse.
What Factors Will Your Equitable Distribution Attorney in NJ Argue in Your Divorce Case?
When courts are called upon to decide equitable distribution in a divorce case, some of the factors that courts will consider to reach an equitable division of marital properties and debts include:
- The income, assets, and liabilities of each spouse at the time of marriage and at the time of divorce
- The length of the marriage
- The age and health of each spouse
- Whether one spouse has been awarded primary physical custody of children born of the marriage
- Either spouse’s financial contributions to assets that are owned by or titled in the name of the other spouse
- The future earning prospects of each spouse
- Any alimony or maintenance being awarded by the court
- Whether either spouse wasted or concealed marital assets in contemplation of divorce or during the divorce proceedings
Turn to the Brooklyn Division of Marital Property Attorneys from Choi Law Firm to Pursue a Fair and Favorable Outcome for You in Your Divorce
If you are getting a divorce, an equitable distribution attorney in NJ from Choi Law Firm can advocate on your behalf for a fair division of your and your spouse’s assets and liabilities. Turn to our firm to help you in your divorce case by:
- Thoroughly investigating your and your spouse’s financial situations, including locating assets or money that may have been hidden by your spouse
- Working with accountants and financial experts to get a full picture of the marital estate
- Identifying what properties or assets may be properly considered separately owned by you or your spouse
- Vigorously negotiating on your behalf to try to reach a fair settlement with your spouse to avoid the time and expense of litigation
- Going to court if necessary and advocating on your behalf for a favorable outcome for you in your equitable distribution case
Contact Our Firm Today to Get the Legal Help You Need with the Division of Marital Assets in New York
When you get a divorce, you deserve to receive your fair share of the assets and wealth that your marriage has built. Contact Choi Law Firm today for a confidential consultation to learn more about your legal rights. Our Brooklyn division of marital property attorneys serve clients in Bergen County, Hudson County, Queens County, Long Island, and throughout North Jersey and NYC.
Frequently Asked Questions about Equitable Distribution in NY/NJ
Yes. Spouses who are divorcing can negotiate a marital settlement agreement or property settlement agreement to decide how they wish to divide marital assets and liabilities. A divorcing couple’s property settlement agreement or marital settlement agreement can then be incorporated by the court into the final judgment of divorce to make the parties’ agreement an enforceable court order, which may be needed to affect certain aspects of an equitable distribution such as dividing up pension or retirement account benefits.
While adultery by one spouse does not, by itself, have any effect on how the court will rule on equitable distribution in divorce, the court may consider the financial ramification of a spouse’s infidelity when deciding equitable distribution. For example, if the court finds that the unfaithful spouse spent an excessive amount of money that was marital property on their adulterous affair, the court may adjust the equitable distribution award to reflect the waste of marital assets.
Yes. Even if an asset is legally titled in only one spouse’s name, the court may still find that the asset constitutes marital property if both spouses contributed to the purchase and maintenance of the asset. For example, a couple may purchase real estate and title it only in one spouse’s name for tax purposes or for the purposes of obtaining a mortgage, but the court may rule that the property is a marital asset if both spouses financially contributed to the purchase price and maintenance costs.
“I always felt that they were genuinely fighting for me; truly looking out for my best interests."
I am very grateful for Sandra Choi and her team. They were kind, compassionate, thorough and very professional throughout the entire process of my case. I always felt that they were listening to my concerns and interests and provided all the professional advice and answers to my questions that I needed to feel confident about my decisions.”