Experienced Property Division Lawyers in Bergen County

The process of dividing assets and debts during a divorce can be an emotional and challenging experience. It is a process that requires careful consideration and attention to detail. The experienced property division lawyers at Spodek Law Group, led by attorney Todd Spodek, understand how important this process is to you. That’s why our team is here to help guide you through every step of the way.

Personal Attention to Every Case

When you contact Spodek Law Group, you will be connected directly to a lawyer who will give your case the attention it deserves. Our law firm specializes in family law, and we take a selective approach to our caseload so that we can dedicate the time and resources needed to achieve the best possible outcome for each of our clients.

How Spodek Law Group Can Help You Divide Property in Your Bergen County Divorce

We understand that every divorce case is unique and that each client has their own set of goals and priorities. Our team of skilled attorneys has over a decade of experience in crafting divorce settlements in New Jersey. We are well-versed in mediation, arbitration, and litigation techniques, and we can help you achieve the results you deserve.

We can be as assertive or amicable as the situation dictates, and we are capable of supporting clients through a collaborative divorce. Collaborative divorce is an option for parties who wish to cooperate and are willing to agree to full transparency. We can help you and your former spouse come to an agreement if a low-conflict and private division of assets is preferred.

Through our years of experience, we have learned that it is best for our clients to have a professional divorce team. In cases involving one or both spouses with a high net worth, issues such as hiding assets may arise. In these situations, we may work with a forensic specialist to identify or locate hidden assets.

If you choose Spodek Law Group to help you with your property division, you can expect us to skillfully navigate the process with you. We will evaluate financial statements to identify assets subject to equitable distribution and work with experts like accountants and private investigators to capture the full value of marital assets. We will insist on full financial disclosure from the other party and develop flexible settlement options that meet the needs of your case.

Protecting Your Credit and Property Agreements

When division of property cases become contentious and high conflict, you need a team that helps you get all of the marital property to which you are entitled. A skilled New Jersey family law and divorce lawyer will make sure that your credit is protected. We can help craft a property agreement to protect your credit after a divorce.

We also have experience with property division cases involving pre-nuptial agreements. If you want us to evaluate your pre-nuptial agreement and discuss how it might impact the division of your marital property, get in touch with our office.

Available Across Bergen County

Spodek Law Group is proud to represent clients across North Jersey and Bergen County, including Teaneck, Englewood, Ridgewood, Tenafly, Franklin Lakes, Upper Saddle River, Allendale, Old Tappan, Hohokus, and Saddle River. Don’t hesitate to give our law offices, conveniently located in Hackensack, NJ, a call to get started on your property division case today.

Overview of Property Division Law in New Jersey

During and after a divorce, it is important to be prepared and knowledgeable about the division of assets in New Jersey. New Jersey follows the law of equitable distribution of marital assets, which means that debts and assets are divided fairly, even if that means they are divided unequally. The division of assets can be done by agreement outside of the courtroom. If it is not possible to agree on a fair division of assets and debts, the case will be litigated, and the court will decide.

When the court undertakes a division of assets in New Jersey, it will categorize the assets and debt as marital or separate, determine the value of the assets and debt, and distribute the assets and debt fairly. To make its decision about what distribution is fair, the court considers several factors. Among these factors are the length of the marriage, both spouses’ incomes, the present value of the property, and the standard of living during the marriage.

How Courts Categorize Assets and Debts of a Marriage in New Jersey

During a divorce, only marital property is subject to division. The court must first categorize the assets and debt as marital or separate. Property and debt that a spouse brings into the marriage are that spouse’s separate property and debt, respectively. Things gifted to one spouse only or inherited by a spouse during the marriage are also classified as separate property. Some common separate property includes furniture or cars owned by either spouse prior to the marriage. Of course, student loans incurred by a spouse before the marriage are the separate debt of that spouse.

Anything received during the marriage is categorized as marital property. Likewise, any debts incurred by the spouses during the marriage would be marital debt. In some cases, if the debt was incurred entirely for the benefit of one spouse, a skilled property division attorney may be able to argue that a debt incurred during the marriage should be categorized as a separate debt.

Valuation of Marital Property

Some assets have an easily identifiable value, such as checking accounts, savings accounts, retirement accounts (401(k)s, IRAs), and securities or investment accounts. For the court to determine the value of these marital assets, all that’s necessary is a recent statement reflecting the account balance.

Other assets are not so easily valued but can still be valued with agreed-upon benchmarks. This includes automobiles that are listed in Kelley Blue Book, for example. However, substantial assets like real estate, jewelry, art, or other collectibles may need to be valued by a professional. A professional who is willing to testify in court as to their professional opinion is called an expert witness. When dividing assets requires an expert witness, we work with appraisers to value homes and other valuable assets.

Unfortunately, deception about the existence of valuable assets can be a problem in high net worth divorces. If you suspect your spouse is diverting, dissipating, or hiding marital assets, we can engage a forensic accountant to trace down the funds or assets.

Equitable Distribution

In New Jersey and other states that use equitable distribution, courts divide property in a way that’s fair, even if it is not even. Under New Jersey law, the court will consider each party’s financial situation, including their separate debts and income-earning capacity, as well as the length of the marriage, the lifestyle of the marriage, and the value of the marital property. The court will also consider both parties’ age and health, as well as the needs of a custodial parent if there are children of the marriage.

Other considerations that may impact the court’s decision about distributing property relate to the personal circumstances of the spouses. The court may use these factors when deciding how to allocate assets and debt:

The contribution by each party to the education, training, or earning capacity of the other
Each party’s contribution to the increase or decrease of the marital property
Each party’s contribution as a homemaker and whether they deferred career goals
Tax consequences to each party of the proposed property distribution

These factors highlight the balancing function of equitable distribution. Although one spouse may have earned the majority of the marital assets, New Jersey law recognizes the essential function of the spouse who deferred their education or career to support the family at home.

These factors are not of equal weight in the court’s balancing. A skilled property division attorney can help you frame the issues in your case so that the court is aware of your contributions to the marriage.

Contact Our Bergen County Property Division Lawyers for Help

At Spodek Law Group, we set expectations for our clients so you will have structure and know what to expect from the process. We will provide you with personal one-on-one guidance throughout your divorce and as we discuss dividing marital assets. Contact our law firm today for a personal discussion with one of our experienced Bergen County property division lawyers.

If you are going through a divorce, it is important to have a skilled attorney on your side who can help you navigate the complexities of property division. At Spodek Law Group, our experienced family law attorneys have the knowledge and resources to help you get the best results possible in your case.

We have over 50 years of combined experience handling family law cases, and we are dedicated to helping our clients achieve their goals. Our team of lawyers is made up of skilled litigators and negotiators who are committed to providing personal attention to each and every client.

Our approach to property division is focused on getting our clients the results they deserve. We take the time to evaluate your financial statements to identify assets subject to equitable distribution, and we work with experts like accountants and private investigators to capture the full value of marital assets. We insist on full financial disclosure from the other party and develop flexible settlement options that meet the needs of your case.

If you are dealing with a high-conflict property division case, we are here to help. We will work tirelessly to make sure that you get all of the marital property to which you are entitled. We understand that property division can be one of the most difficult parts of a divorce, and we are here to help you through this challenging time.

Divorce can be an emotional and stressful time, especially when it comes to property division. At Spodek Law Group, we understand how difficult this process can be, and we are here to help you through it. Our experienced attorneys have the knowledge and resources to help you get the best results possible in your case.

We can help you with everything from evaluating financial statements to identifying hidden assets, and we will work tirelessly to make sure that you get all of the marital property to which you are entitled. If you are dealing with a high-conflict property division case, we are here to help.

Contact our law firm today to schedule a consultation with one of our experienced Bergen County property division lawyers. We will listen to your story, answer your questions, and provide you with the guidance you need to move forward. At Spodek Law Group, we are committed to helping our clients achieve their goals, and we look forward to helping you with your property division case.