The divorce process is inevitably a stressful time in any person’s life. Many divorcing spouses worry about how their assets will be handled during the upcoming legal proceedings. In New Jersey, any assets that were acquired by either spouse during their marriage are considered shared property. Our divorce courts use an equitable distribution model, meaning marital assets should be split fairly but not necessarily 50/50 between spouses. If you’re considering or just beginning the divorce process, you might have questions about property division. Our knowledgeable law firm has all the answers you’re looking for! Continue reading for further information, or reach out to one of our Somerset County Property Distribution Attorneys for individualized legal counseling.
IS MY PROPERTY DIVISION AGREEMENT FINAL?
In most divorce cases, yes. The division of assets is set in stone once your divorce is finalized. There are only some exceptions where a judge would consider modifying a property division settlement. This might happen if one spouse hid some assets during the divorce process or if the judge made a mistake in the original legal agreement. Otherwise, the division of assets agreement must be followed no matter what happens after the divorce.
HOW ARE ASSETS DIVIDED IN NEW JERSEY DIVORCES?
It’s much more common these days for spouses to decide on settlement agreements themselves with the help of a divorce mediator or attorney.
The following factors might be taken into consideration:
- Prenuptial and postnuptial agreements
- The length of the marriage
- Each spouse’s income, debts, trusts, inheritances, and earning capacity
- Possible tax consequences
- Each spouse’s standard of living during and after the marriage
- Each spouse’s contributions to the marital property
- If applicable, child custody arrangements and child support agreements
CAN I CHANGE ANY OTHER DIVORCE AGREEMENTS?
Though you might not be able to alter your property division settlement, you may be able to modify some of your other divorce agreements. For example, alimony and child support payments are contingent on each spouse’s present financial status. If one or both spouses experience a massive change in finances, the couple can request to have the support order altered to match their new financial status. Child support agreements can also be changed if the change is in the child’s best interests.
Are you thinking about filing for divorce in New Jersey? If so, you might be seeking a trustworthy divorce attorney who can help you determine your best options going forward. Look no further because Siragusa Law Firm is on your side every step of the way! Contact our highly experienced legal team today for an initial consultation.