Several states in the country operate under community property guidelines in divorce, but New Jersey is not one of them. In this state, property division decisions are made based on equitable division property rules. This means that the division of marital property does not necessarily have to be 50/50 between spouses though it should be fair.
When a couple decides to divorce, they must resolve issues concerning real and personal property. Real property is basically fixed property, such as land and buildings. Personal property, on the other hand, includes items that are movable. A judge overseeing property division proceedings must determine a fair division of assets and will typically take numerous factors into consideration to do so.
How long a couple was married will undoubtedly have an impact on determining who gets what in a divorce. A judge will also consider the lifestyle to which a spouse was accustomed during marriage. Additional relevant factors might include each spouse’s current employment status, as well as any existing debts or liabilities.
If a particular New Jersey couple signed a prenuptial agreement before they married, it may significantly influence property division rulings. Child custody issues may intersect property proceedings, such as decisions regarding what should happen to the marital home. Will a parent continue living in it with children or will it be sold? The easiest way to protect one’s financial interests in a divorce is to rely on experienced legal representation in court.