The distribution of assets and debts in a divorce can be a major source of conflict for you and your former spouse. At Birz Law, we can provide you with the guidance and representation you need to ensure a fair division of your debts and assets. Jenny Birz is qualified to provide legal representation in divorce cases in the states of New Jersey and New York, ensuring that you achieve the best possible outcome for your case.
Factors That Affect Division of Debts and Assets
Divorce courts in both New York and New Jersey look at a number of different factors when determining how assets are distributed and debts are divided:
• How long the marriage lasted
• The income and property that each party brought into the marriage
• The current income earned by each party
• The standard of living that prevailed for the couple during the marriage
• Any prenuptial or postnuptial agreements still in force
• The educational level of each party
• The custody arrangements for any children brought into or born of the marriage
• The income potential of each member of the divorcing couple
• Whether one member of the couple provided material assistance to the other in completing education or training that increased earning potential
Jenny Birz can provide you with expert guidance and advice regarding the effects of each of these factors on the potential division of assets and debts in the court systems of New Jersey and New York.
Types of Assets
Understanding what the courts regard as assets and debts can help you and your former spouse to determine an equitable division of these financial matters. Assets that are usually considered as part of your divorce include the following:
• Real estate holdings, including the marital home
• Collectibles of significant value
• Certain types of jewelry
• Businesses owned and operated by one or both members of the couple
• Some pension plans and retirement funds
Jenny Birz can provide you with information on what assets are considered to be marital property and what is separate property belonging to you or your spouse that will not be included as part of the equitable division of assets in your divorce.
How Debts Are Divided
The allocation of debts by the court may depend on the way in which assets are divided. For example, if you are awarded the family home, you may be responsible for keeping up the mortgage payments on that property. Loans for vehicles that are driven primarily by one person will usually be assigned to that person. Debts incurred before the marriage will usually remain with the person who incurred them. Other debts will typically be divided equally. Birz Law can provide you with expert help in determining a fair and equitable division of debts and liabilities in New York and New Jersey.
How Child Custody Affects the Division of Debts and Assets
Both New Jersey and New York consider the custody of minor children when determining the most appropriate way to divide assets and debts. Ensuring the welfare of the children by providing adequate financial resources for their needs is a high priority in both states and can have a significant effect on the overall distribution of marital property and financial liability. Jenny Birz is an established attorney with a proven reputation for results in the family law field. With her help, you can ensure that the best interests of your children will be served during and after your divorce.
At Birz Law, we know that divorce can be stressful. We work with you to provide the most effective representation to help you manage division of property, custody issues and all other matters pertaining to your divorce. Call us today at 201-701-1218 to schedule a consultation with Jenny Birz. Our team of legal experts can provide you with the right solutions for your unique situation and can ensure the best outcome for your New York or New Jersey divorce.