Families face a lot of change when they go through a divorce. Among concerns over arrangements like child custody and spousal support, many people enter a divorce worried about the distribution of their various assets. When it comes to marital property, New Jersey is an equitable distribution state. This means that the divorce court will divide assets based on fairness.
As long as your property is considered marital property, it is subject to division. Marital property may consist of the following:
- Real estate, including the family home
- Stocks and bonds, cash, 401k plans
- Various furnishings
- Motor vehicles
- Business assets like professional practices
- Recreational vehicles such as ATVs and boats
It is likely that the more property you own, the more complicated the division stage will be. And while a judge decides the division of your properties and assets in divorce court, there are alternative ways to divide your assets that may simplify the process and provide you with more control over the split.
Gain more control over the fate of your property
If you believe you and your ex-spouse can reach agreements through negotiation, then mediation may be your preferred option. In mediation, there is no judge or role of a sole decision-maker. Mediation is a model of conflict resolution that involves a neutral third-party, who may be an attorney you and your ex-spouse hire, facilitating divorce arrangements.
Especially as it pertains to property division, mediation may provide peace of mind throughout your divorce that a trial may not. Your assets have a monetary value that a judge may see on a piece of paper, but you and your ex-spouse understand what it means to your family.