Attorneys Protecting Your Property During Divorce
The division of property and debts is one of the most complex areas of divorce law. Your marital property may include assets such as a family home, a small business and/or major investments that must be untangled during the divorce process.
At Townsend, Tomaio & Newmark, L.L.C., in Morristown, we have attorneys who focus specifically on division of assets. Contact us to schedule a consultation about your property division concerns with an experienced New Jersey divorce lawyer.
Carefully Pursuing a Fair Property Division Outcome
Equitable distribution is the technical legal term for the principle the courts use to accomplish property division in divorce. "Equitable" does not mean "equal." Only assets acquired during the marriage can be divided, and how much each asset is divided depends on the nature of that asset, the length of the marriage and other factors.
Our divorce lawyers take the following three steps in every property division case, regardless of the size of the estate:
- Identify the assets, such as bank accounts, businesses and real estate
Determine the value of the assets
- Arrive at an equitable distribution of the assets
Careful attention to each of these steps is absolutely necessary if you are to get what is due to you and not lose assets that you have a right to maintain in your name. Getting all the facts straight can make it easier for couples going through divorce to arrive at a negotiated property division and will assist us at protecting your rights if it is necessary to go to court.
Seeking Solutions for Upside-Down Assets
During difficult economic times, many homes cannot be sold for a price that will cover outstanding mortgages and home equity loans. You may be concerned that you cannot afford to get divorced if doing so would mean selling the family home.
There are many options under New Jersey law for people who are upside-down on their assets. Judges have broad discretion to handle these situations, and they can also be worked out in negotiations. We understand all the factors that need to be taken into account.
If you are concerned about how your marital assets will be divided in divorce, don't hesitate to contact us. We serve clients in North and Central Jersey, including the counties of Morris, Somerset, Essex, Union, Hunterdon, Bergen, Passaic, Sussex, Warren, Mercer, Middlesex and Monmouth.
