An important component of any divorce is the division of assets between husband and wife. Under New Jersey state law, any property or assets acquired over the course of a marriage are subject to division upon separation or dissolution of marriage. Consequently, any assets associated with retirement plans, real property, or investments are subject to division. At Hartstein & Hartstein, we work closely with clients in order to determine what assets are subject to division, protecting their rights and interests. Our lawyers consult accountants and financial experts when closely held businesses are involved in order to determine the true value of a company.
Remember, a divorce settlement or decree is a contract between you and your ex-spouse. Your creditors are not a party to this agreement and are not bound by any of its terms. It is imperative that you ensure all debt obligations are treated by the settlement, because failure to obligate your ex-spouse to pay their share of the debt could leave you saddled with their debts. If you were a cosigner on a loan or credit card, and the debt is not treated during the divorce, the credit card company can, and will, come after you for collection. You will have no recourse, because courts will not modify property settlements after they have been entered.
If you're uncertain where to begin or what documentation is necessary, contact the law office of Hartstein & Hartstein. Our office helps clients review their financial situation and determine the value of their assets-and debts-before a divorce settlement is finalized.
Determining the Division of Assets
In order to determine an equitable division of marital assets, the court considers a number of factors, including the following:
- Debts both parties owe
- Prenuptial or post-nuptial agreements
- The standard of living of the household
- The actual value of the assets involved
- Income earned and the earning potential of both parties
- The tax implications of the division of property for each party
- The value of property brought into the marriage by both parties
- The financial situation of each party at the time of separation or divorce
- Education or health care costs associated with children from the marriage
Whether you decide to go to court or enter into negotiations, our office has the experience and professional financial resources needed to ensure your interests and rights are protected. We assist in the preparation of all necessary records and documents while proposing settlement terms that avoid bitter, lengthy court battles.
For more information regarding the division of property and how we can help you, contact the law office of Hartstein & Hartstein today.
"Plain Language" Lawyers
Bergen County Divorce Lawyers
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Located in Englewood, New Jersey the law office of Hartstein & Hartstein represent clients throughout northern New Jersey and New York, including Englewood Cliffs, Upper Saddle River, Passaic, Teaneck, Alpine, Wayne, Fort Lee, Westwood, Cresskill, Closter, Bergenfield, Waldwick, Demarest, Wyckoff, Tenafly, Ridgewood and all of Bergen County.