If you are going through a divorce or plan to file for a divorce, talk to a divorce attorney in West Milford NJ regarding the distribution of property and allocation of debts. The easiest way is for the two parties to discuss and reach an agreement. But if mutual and amicable negotiations are not possible then your attorney can negotiate on your behalf or finally it could end up in court. It is important to understand the laws regarding the division of property in case your divorce heads to the court.
Talk To Your Divorce Attorney In West Milford NJ Regarding Non-marital Property and Earning Power
“Equitable distribution” allows a court to divide marital property as it thinks is fair. Some factors that are considered by states are:
If one spouse has much more non-marital property compared to the other, the court might divide the property such that to make both parties financially comfortable after the divorce. The division, however, doesn’t need to be equally divided.
Earning power can be a factor as well. Court determines this to a family business and usually awards the interest or majority of it to the spouse who operates it. If the value of the business is approximately the same as the value of the family, the business might go the spouse who operates it while the other spouse gets the home.
Talk To Your Divorce Attorney In West Milford NJ Regarding Homemaker and Premarital agreements
Being a homemaker and raising children is recognized by courts as work. Homemaker services are a favored factor for the homemaker. And if the court considers whether a homemaker’s ability to earn has been impaired due to being the homemaker then it can get more favorable for the homemaker.
If a written premarital agreement exists and is valid then it will be followed for the division of marital property. With a premarital agreement, the couples agree to the property division and have waived their rights to have a court divide the property.
Talk To Your Divorce Attorney In West Milford NJ Regarding other important Factors
Waste or dissipation is when one partner has given large sums of money to other family members or perhaps by spending money on extramarital affairs, a spouse has wasted large amounts of money. This is also called economic fault and can be unfavorable to that spouse. Non-economic faults are spousal abuse or marital infidelity is usually not considered as the factors for property division in most states but some states do take this into consideration.
If you have been married for a long time then the decision is usually in the favor of lesser wealthy spouse. In case of old age or sickness, larger award might go to the spouse that is older or of poor health. Tax consequences are considered as well and it is possible that the spouse who will have to pay the taxes might receive some extra property to compensate. Browse the site for more details.