Experienced Division of Property Attorneys in NJ and NY
Division of Property or Equitable Distribution is the dividing of assets that a couple has acquired during their marriage.
This property is known as Marital Property. When determining how it will be divided, the couple goes though all of the assets and debts acquired together, assess each items worth and then split it up fairly. They could do this alone, with a third party or through a court order.
There is also property known as Separate Property which refers to property acquired before the marriage or inherited by one spouse during the marriage. When a spouse has contributed separate property to a marital asset, they may be entitled to a separate property credit against that asset. Typical assets to be divided include homes, bank and investment accounts, retirement accounts, vehicles, businesses, jewelry, antiques and art.