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Evaluating assets is an important part of property division

New Jersey residents may know that divorce is a time of transition. Decisions, particularly those concerning financial assets, require careful deliberation. Marital assets in the Garden State are divided equitably, and many parameters are taken into consideration. Such things as individual income, children and the contribution each spouse made are factored in, and the division does not necessarily represent an equal one.

Scrutinizing assets is important as a spouse moves forward. Obtaining a verifiable list of assets as well as valuation is a good first step. A tax specialist may be brought in to review income tax statements with the aim of identifying assets. All income, real property and such items as jewelry, antiques or an art collection may be included in property division. Looking at the effect taxes have on the worth of marital property should be considered. Assets subject to taxation may not be as valuable as they seem. Dividing a jointly held business is complex and may involve one party buying out the business. Stocks purchased during the marriage may have capital gains associated with their sale.

Another area that may be of concern to divorcing spouses is the maintenance of separate property. This includes that held by one spouse before marriage, funds paid from a lawsuit or gifts made to one spouse as well as legacies that may have been inherited. Sometimes, separate property is challenged at divorce, and proof it was owned independently and was not commingled with marital funds may be required.

A divorce agreement that allows a spouse to move forward with the best settlement that may be reached is an important part of starting over after divorce. For more information, please view our page on property division.

Source: April & Marinucci, "ATLANTIC CITY AREA PROPERTY DIVISION ATTORNEY", August 28, 2014

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