New Jersey Family Law BlogDividing Assets – and Debts – In A Divorce
New Jersey is an equitable distribution state, meaning simply that the courts seek a fair, although not necessarily equal, distribution of a couple’s assets and debts in a divorce. First, though, the assets and debts must be categorized as either marital property or separate property.
Essentially, marital property are assets acquired during the marriage. New Jersey defines that period as beginning on the day of the wedding and ending the day a spouse files for divorce. Marital assets typically include but are not limited to:
- Income from either spouse