When a couple in New Jersey makes the decision to get divorced, they will have to face the difficult task of dividing their assets through the process of equitable distribution. Often, spouses both feel as though they are entitled to a certain portion of the property and find themselves in a dispute about what should happen to the assets. If the couple cannot divide marital property on their own, they may need the court to step in and complete the equitable distribution process for them.
Some of the many factors that are taken into consideration when the court has to divide assets include the following:
- The length of the marriage
- The value of the marital property
- The acquisition of the assets
- Age and health of each party
- Each party’s contribution to the marital property
- Economic circumstances of each party
- The debts and liabilities of the parties
- Possible tax consequence
In addition to these factors, the court will take economic fault into consideration, if there was any. Economic fault can include one spouse purposefully wasting money to spite the other, spending marital funds on an extramarital affair, and other similar situations. As a result, the other spouse may be entitled to additional compensation.
If you have questions about how economic fault may play a part in your divorce, contact our firm today.
Our firm understands that so much of your future is on the line in matters of divorce, family law, bankruptcy, and estate planning. Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.