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How Assets and Debts are Divided During Divorce

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One of the most stressful parts of a divorce negotiation may be the division of marital property, assets, and debts. As you contemplate your divorce and attempt to navigate all of the complicated laws in the state of New Jersey, you may wonder how your assets and debts will be divided, and whether or not you will receive a fair division of financial assets by the court. Learning more about how marital property is divided in a divorce can help you ensure that your rights remain protected.

Determining and Assessing Value

Almost all assets and property acquired during a marriage will be considered marital property for purposes of division of marital assets. Unless there is a unique circumstance, such as the property being covered by a prenuptial agreement or a gift directly to you from a relative, it will likely be considered as marital property. In some cases, depending on the extent of the finances involved, a couple may want to consider hiring an independent professional appraiser or another type of financial professional in order to determine the value of property or assess the value of certain assets. Debt is easier to value in some cases, but may need to receive a professional financial assessment as well.

Contact an Experienced Family Law Attorney

If you are considering a divorce, you likely have a great deal of concern regarding the division of your marital property, debts, and assets. Consulting with an experienced family law attorney can help ensure your financial rights are protected throughout the divorce process. Contact an experienced divorce attorney at Giro Law at 201-690-1642 to learn more about your financial rights during your divorce.