Hackensack Complex Property Division Lawyer

Most people do not realize how complicated a divorce can be until they go through it themselves. The truth is that dissolving a marriage is never easy. The longer you have been with your spouse, the more complicated it can become. At O’Cathain Law Group Family Law Department, we want to help lessen the stress for our clients as much as possible.

As a legal team, we want you to know what challenges you may face ahead of time. Therefore, if you are going through a divorce or preparing for what is coming, we hope you will seek advice from a Hackensack complex property division lawyer. We can provide guidance on the complexities of property division and suggest mitigation methods that will help you divide the property fairly.

How Does New Jersey Divide Marital Property?

A common misconception is that marital property is divided 50-50. This is not necessarily true in many states, including New Jersey. Instead, an equitable distribution model is used to divide property. This may include a variety of situations and will not favor one party over the other. According to New Jersey Statute 2A:34-23.1, some of the factors that will be considered by the courts when determining fair asset distribution include:

• Marriage duration
• Age and health of the spouses
• The standard of living for each person
• Tax consequences
• The post-finalization earning capacity of everyone
• Each person’s equitable share of the property
• Prenuptial or postnuptial agreements
• Educational or professional contributions and whether one gave up an education or career to focus on child-rearing
• An examination of the potential dissipation of marital assets preceding divorce

Several additional factors, including debts or liability, inheritance, and the specific laws of your jurisdiction, play a crucial role in determining the final divorce settlement amount. There are times when it is left up to the court’s discretion.  This is why seeking advice from a Hackensack complex property division attorney is recommended.

What Are Some Assets That May Be Considered Complex?

Marital assets are those that are established during a marriage. This may be mortgages, bank accounts, and other shared assets. To be considered a complex property, a divorce proceeding will need to involve:

• One spouse owning a business
• Multiple properties (vacation homes, rental properties, and other real estate)
• Digital assets
• Retirement accounts for one or both individuals
• Other investments that one or both parties have made during the marriage

If one person entered the marriage with an inheritance of some sort, this may also be considered, since the other individual may not have a right to it. However, if the money from the inheritance was added to a joint bank account or used to purchase a marital asset, it could be divided among spouses.

Let our Hackensack property division attorneys help you understand what may qualify as complex property.

Contact Our Complex Property Distribution Attorney in Hackensack for Help

Divorces are never easy. The more complex the proceedings, the more stress they will cause the people involved. A Hackensack complex property division lawyer understands the challenges and emotions involved.

Whether trying to establish what will be shared or what is separate property, the O’Cathain Law Group Family Law Department has a long history of successfully guiding clients through the divorce process, culminating in mutually satisfactory agreements. Please contact us to set up an initial consultation and let us help you Move Forward.