Medford Property Division Lawyers: Navigating Complex Asset Division During Divorce
The property and asset division stage of divorce is often fraught with stress and conflict, as each spouse may fear an unbalanced settlement. The attorneys at KG Law Group, LLC, understand the emotional and financial challenges divorcing individuals face.
We offer 60-plus years of combined experience in handling complex property division cases. Based in Medford, we serve clients throughout Burlington County and surrounding areas of New Jersey. We know the local courts and can help you obtain a just division of marital assets under state equitable distribution laws.
Understanding Equitable Distribution In New Jersey
Equitable distribution means marital property is divided fairly in divorce, though not necessarily equally. Courts consider various factors to determine fairness, including length of the marriage, age and health of spouses, and spousal economic circumstances.
Only marital property – property and assets acquired during marriage – is subject to equitable distribution. Separate property, or property and assets owned by one spouse individually, will typically not be subject to division.
Using separate assets to support or contribute to the marriage (mortgage payments, etc.) turns them into marital property, making them subject to division. For this reason, it is critical to avoid mixing separate assets with marital property.
FAQs About New Jersey Property Division
The answers to these common questions can help you understand New Jersey asset division laws.
What are some examples of marital and separate property?
Marital property includes the property, assets and even debts couples acquire during their marriage. Here are some examples:
- Family home
- Joint bank accounts
- Retirement accounts
- Shared debts from credit cards, medical treatments, personal loans and more
In contrast, separate property refers to assets owned either before the marriage or received during or after but kept separate. Separate property examples can include:
- Inherited assets
- Personal gifts
- Pre-marriage property or savings
An experienced lawyer is crucial when dealing with complicated assets, such as businesses, multiple properties and complex investment portfolios.
Who gets the marital home in a divorce?
This depends on several factors, including each spouse’s financial situation and the best interests of any children involved. The court may order the home to be sold and the proceeds divided or one spouse may buy out the other’s interest.
How are retirement accounts divided?
Couples can address retirement accounts through a qualified domestic relations order (QDRO), which allows for benefit distributions without tax penalties. A QDRO helps facilitate a fair division of retirement assets.
Contact Our Experienced Divorce Attorneys Today
Our lawyers are equipped to navigate highly complex property division cases. Call our Medford property division lawyers at 609-212-4085 or email to schedule a consultation. We proudly serve Burlington County with high-quality family law services – and are unafraid of a challenge.