DIVISION OF MARITAL ASSETS

Hackensack, New Jersey, Division of Marital Assets Lawyers

Financially and legally, divorce creates two households where there had been one. Any assets or debt held in common over the course of a marriage must be divided equitably through a voluntary agreement reached by the parties or as determined by a judge.

At the law office of Cowen, Jacobs & Rothman, we explain the factors involved in the division of marital assets while making sure our client isn't denied the benefit of investments funds or retirement benefits. Our lawyers also take steps to ensure that you aren't assigned debt that isn't yours. If necessary, we hire an actuary or forensic accountant to determine the value of closely held businesses or locate hidden assets.

We have the experience - and the understanding of the financial issues involved - to help you. To schedule an appointment and speak to one of our lawyers, contact divorce attorneys at Cowen, Jacobs & Rothman today.

What does an "Equitable Division of Property" Mean?

New Jersey is an "equitable division" state. This means the court takes into consideration financial and non-financial contributions of both parties to a marriage. For instance, if a stay-at-home spouse foregoes a lucrative career in order to care for the children, the court may award him or her a substantial portion of the working spouse's 401k plan as equitable compensation for their sacrifice.

Alternatively, if a spouse agrees to work one or more jobs in order to put the other spouse through school, the court might exempt that spouse's retirement savings from any division of marital assets.

What does the Court Consider when Dividing Marital Assets?

The court takes a number of factors into account when determining how to divide a couple's marital assets, such as:

• How much money and property each person brought into the marriage
• The age of the parties involved
• The education and work background of each person
• How long a marriage lasted
• The standard of living enjoyed during the marriage
• The impact on each party's taxes
• The value of all savings, property, and owned businesses
• The financial needs of the parent awarded custody of the children
• Any terms or conditions stated in a prenuptial agreement
• The debt carried by the parties, individually and jointly
• The financial needs of any children

Need Additional Information? Contact Cowen, Jacobs & Rothman

The division of marital assets can be complicated. Our attorneys have the experience and knowledge to assist and represent you in any hearings or motions regarding a division of marital assets. Contact Cowen, Jacobs & Rothman today.

Cowen, Jacobs & Rothman
Attorneys At Law
60 Court Street - Suite 5 - Hackensack, New Jersey 07601
Phone: (201) 525-0025 Fax: (201) 525-0558