Equitable distribution involves the division of assets acquired by the parties. New Jersey is not a community property state. In New Jersey, assets are to be divided equitably, but not necessarily equally. When determining the appropriate distribution for divorcing couples, fifteen separate factors are considered. There is also a “catch-all” provision which allows the Court to consider any other factors it deems relevant. The goal is to create a division of assets acquired during or in contemplation of the marriage which is fair and equitable based on all of the factors to be considered.
The assets subject to distribution might include, but are not necessarily limited to, the marital residence, vacation or rental properties, a business owned by one or both of the spouses, retirement assets, brokerage and bank accounts and personal property. Often, it is necessary to hire forensic accountants, or other experts, to determine values of businesses, real estate, retirement assets or valuable personal property.
Equitable distribution is often complex and difficult. It is very important that you have a team of lawyers that have participated in many cases involving the distribution of assets. All of the family law attorneys at Meyerson, Fox & Conte, P.A. have experience in dealing with the identification, valuation and distribution of the assets acquired by the divorcing couple.