Many people consider property division in a divorce to be centered on common physical assets like the home, vehicles or collections that the couple had maintained together. Unfortunately, during the marriage, it is likely that the couple grew numerous assets and debts that might be more challenging to value and divide.
As New Jersey is an equitable distribution state, marital property does not necessarily need to be divided and distributed equally. While a 50/50 split of assets might occur in some situations, most often, these properties will likely be split equitably rather than evenly. It is not uncommon for a divorcing couple to struggle to find an equitable division in numerous instances, including:
- Digital assets: As many people begin to live in a digital world, divorcing couples will be forced to divide online assets. Digital assets can include entertainment collections such as books, movies and music stored online, digital storefronts such as eBay and Facebook Marketplace, and online currencies such as cash-back bonuses, airline miles and cryptocurrency.
- Marital debt: Over the course of a marriage, it is likely that the couple will amass many debts. From a vehicle loan taken in both names to a shared credit card, the couple will need to address debt responsibility to prepare their post-divorce finances.
- Financial assets: Numerous financial assets must be addressed during the divorce process. From retirement funds and deferred compensation to stocks and insurance policies, couples will have to address many fluid financial assets that will not readily be divided.
Dividing assets and debts in a divorce can be a complex matter requiring lengthy negotiations and compromises on both parts. It is not uncommon for a heated dispute to occur over a prized book collection or other sentimental property. In these situations, it is wise to seek the guidance of an experienced family law attorney who can answer your questions and help you proceed through the negotiations in an efficient, effective manner.