A big misconception that’s common for those just embarking on divorce is not understanding how assets are divided in New Jersey. People often go into divorce thinking that everything will just be split down the middle unless there’s a prenup that says otherwise, of course. However, New Jersey is an equitable distribution state, which means that marital assets are divided according to certain factors, including length of the marriage and the contribution of each spouse to the asset.
For example, whether your real estate holdings are comprised of a multimillion dollar marital home or a marital home plus a vacation home, commercial property, and/or investment properties, factors taken into consideration include how long you and your spouse have been married, when the property was purchased, and who contributed to the purchase or maintenance of the property. Only then will a decision be made, and it might not be 50/50.
Bari Zell Weinberger is the owner and managing partner of Weinberger Law Group in New Jersey. She is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney.