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Who Gets To Keep Big Assets In A Divorce?

On Behalf of | Jun 28, 2023 | Divorce |

Deciding to divorce is often one of the most difficult choices people have to make, but a step forward toward a new life. Unfortunately, divorces are not always friendly, and dividing assets is almost never an easy task.

Divorcing couples will want to focus on big assets such as a home or business and who gets to keep them.

Division of marital assets

During the process of property division, both parties must agree on who gets assets and debts or let it be decided in court. 

In equitable distribution states such as New Jersey, only assets which the couple obtained during the course of the marriage are usually taken into account when they must be divided in a divorce.

Dividing small assets might be tedious but it tends to be easier than doing so with big and expensive ones such as the family home or business.

Through divorce settlement negotiations or a judicial process, most marital property must be divided equitably (fairly) while taking into account any important factors such as how the assets were obtained.

Most often, divorcing couples will be faced with three choices for substantial assets: one of the two can keep the assets in question (house, business, etc.) while the other gets other assets in return, maintain joint ownership or sell off the assets and divide the money.

Of course, it is not always clear which of these three common options to deal with big assets in a divorce is best and certain factors can complicate matters. For example, property acquired before the marriage is usually considered separate property which cannot be divided in a divorce. However, if the property was bought before but paid for after the marriage took place, it may be considered marital property.

Division of assets in a divorce is often contentious and perplexing, especially when the value in question is considerably high. Legal guidance can be extremely beneficial when trying to understand the complexities involved in these matters and negotiating an acceptable outcome.