Marital Property Division Attorney Serving Bergen County and Northern New Jersey
One of the major issues to be decided in a divorce is how the common marital property of the spouses will be divided. What many people don’t consider is that marital debt must also be divided between the spouses in an equitable manner. These issues become even more complex when one or both parties to the divorce has a high net worth. The family law attorneys at Herbert & Weiss help clients in Bergen County and northern New Jersey make sure they are treated fairly in the property distribution process during their divorce.
Property Division in New Jersey
New Jersey follows a rule of Equitable Distribution, which gives the judge the authority and discretion to divide the property in any way the court deems is fair. To avoid being taken advantage of and ensure a fair distribution, it is crucial that every piece of property be properly identified as separate or marital property and valued accurately. There are many legal means available for locating assets and different ways to valuate property; selecting the proper means or arguing for a particular method to be used can make all the difference. The attorneys at Herbert & Weiss are experienced in dealing with a wide variety of real and personal property. We dedicate our experience and expertise toward representing our clients fully and fairly and making sure they are well-represented in the property settlement.
Debt Division During a Divorce
During divorce proceedings, couples not only have to divide up their assets, but they also must divide their debts. There are various types of debt that must be divided during divorce proceedings. Types of debt include:
- Student Loans
- Credit Cards
- Vehicles, boats and other recreational items
If the debt was incurred during the course of the marriage, more likely than not the debt will be divided between the parties. There are, however, situations in which the court may order that the debt be repaid only by one party. How the marital debt is handled is in some cases as important or more than how the property is divided. Make sure you and your attorney have a complete picture of the family finances before important issues are settled.
High Net Worth Divorces
Where one or both parties to the divorce have a high net worth, the issues of property and debt division often become quite complicated. The attorneys at Herbert & Weiss are well-versed in the unique issues posed by property division in high-net worth divorces, including the division of pensions and stock option plans, restricted stock units, qualified domestic relations orders, business valuations, households with multiple properties, tracing and locating offshore or hidden assets, and more.
Experienced Legal Representation in Your New Jersey Divorce
If you are considering a divorce, make sure that taxes are properly filed and get copies of tax returns, pay stubs, bank statements and other financial documents so that you and your lawyer will have a complete understanding of the family finances going into the divorce process. For advice and assistance and effective representation in your divorce, contact a marital property division attorney at Herbert & Weiss in Moonachie for a free initial phone consultation .