Over the course of your marriage, you and your spouse may have accumulated a significant amount of property and assets. During your divorce, you want to be sure you get your fair share in any property division settlement or order that is issued. While your attorney will handle the details in these negotiations, there are some steps to follow which can help ensure you get the maximum amount to which you are entitled.
Factors in Property Division
In cases involving short terms marriages, where the couple has few significant assets, or in situations n which the spouses part on amicable terms, a marital property settlement that is fair to both parties may be easy to achieve. In more contentious cases or in those involving multiple properties and complex financial holdings, disputes are more likely to occur and dividing everything can be a potentially lengthy process.
Understanding your rights is an important first step in making sure you get what you deserve. Under the New Jersey Statutes, property is divided on an equitable, though not necessarily even basis. This means that rather than dividing everything 50/50 between you and your spouse, any settlements or judge’s orders will take into consideration the facts surrounding your particular case. This includes:
- The length of the marriage;
- The age and health of the spouses;
- Each person’s individual income and earning potential;
- The contributions each made to the marriage and in acquiring assets and property;
- The individual assets they possess;
- Any career or educational sacrifices either made in support of the other or in raising children of the marriage;
- Any potential tax implications the couple could face.
If your spouse makes considerably more than you, if you opted to stay home to raise children, or if your spouse engaged in marital misconduct or otherwise squandered assets, you could be entitled to a greater share.
Uncovering Hidden Assets
In high asset cases and in situations in which a divorce is particularly contentious, it is not uncommon for one spouse to attempt to hide assets from the other. According to a report in the Huffington Post, this occurs in roughly two out of every three marriages and is a common factor in divorce cases. To protect yourself, it is important to do the following:
- Make a thorough and complete inventory of all assets and property you possess.
- Gather statements for all financial accounts and note current balances.
- Be alert for large withdrawals or transfers.
- Watch the mail and be alert for anything that is unfamiliar.
- Do an online title and tax search, to uncover any hidden property.
- Go over recent tax returns, paying close attention to all reported income and expenses.
- Review business documents and partnerships.
- Consider any smaller pension accounts or retirement funds that may have been earned earlier in your marriage.
Our New Jersey attorney is highly experienced in these types of matters and can take additional legal steps to uncover hidden assets. In some cases, a spouse may even attempt to destroy or give away assets, to avoid having them be subject to marital property division. In these situations, we can request an injunction from the court to protect you and to keep them from taking any further actions.
Reach Out to Our New Jersey Divorce Attorney Today
To protect yourself and your financial security during a divorce, reach out the Law Office of Jordan B. Rickards. We act as a strong legal advocate on your side, to help ensure your rights and interests are protected. Contact our New Jersey divorce attorney and request a consultation today.