Property & Asset Division

Basking Ridge Property Division Lawyer

Serving Bedminster County and Somerset County

Splitting up property, money, and debts can be a difficult challenge when a marriage ends. Divorce is often emotional by its nature, and spouses are rightfully concerned about their financial future. These deeply personal factors are added to what can be a complex process from a legal perspective. It’s not unusual for couples to need either the help of a third-party mediator, or the intervention of a court. Gary Blaustein, Attorney has extensive experience in both of these venues.

Since 1985, Attorney Blaustein has helped clients get fair outcomes in their divorce settlements, whether through mediation or litigation. When you need a divorce lawyer to represent you, his Basking Ridge office is the place to call.

Reach out today at (908) 212-9630 or just use the online contact form to request a free consultation.

Marital Property and Separate Property in a New Jersey Divorce

The distinction between marital property and separate property is fundamental to property division in the state of New Jersey. This differentiation plays a key role in how assets are divided.

Marital property, also known as community property, refers to nearly all assets and debts acquired by either spouse during the marriage. This includes wages earned by both individuals, property bought with those earnings, and debts amassed throughout the marriage.

New Jersey courts aim to distribute marital property equitably-though not necessarily equally- among spouses.

Separate property consists of assets and debts that belong solely to one spouse. This category typically includes property owned before the marriage, inheritances received by just one spouse, personal gifts, and any items or assets explicitly excluded from marital property through legal agreements.

In the event of a divorce, separate property remains with the original owner and is not subject to division.

The distinction between these two types of property might seem straightforward, but complications can arise when separate property becomes commingled with marital assets.

For instance, if one spouse enters the marriage owning a home, but both spouses contribute to its mortgage payments or renovations, determining the home’s status can become complex. The same goes for the buildup of 401(k) accounts or stock portfolios, which may have started as separate property, but then grew thanks to marital property.

Many cases, particularly those involving high assets, call for a deep attention to detail and a thorough understanding of the law. They may even require the testimony of witnesses who are experts in areas like business and property valuation. Gary Blaustein, Attorney offers clients knowledge and connections that can help them make their case.

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My divorce case was extremely difficult, but because of Gary’s experience and knowledge of law, we succeeded!

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Gary had the highest concern for the children involved and dealt with the stress of my case in a level-headed manner.

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Gary Blaustein is an outstanding lawyer. He will go above and beyond... he cares, and that's pretty rare to come by.

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Your Family's Ally in the Legal System

Here's What Sets Attorney Gary Blaustein Apart

High-Conflict Cases

Attorney Blaustein excels at navigating the legal system for complicated family matters; your resolution is top priority.
Personalized Strategy

Your strategy is as unique as your case, and Attorney Blaustein will leave no stone unturned in pursuit of what's best for your family.
40 Years of Experience

With experience across the board in the legal field, Attorney Blaustein has a long track record of winning for clients like you.
Staying A Step Ahead

As a skilled litigator with decades in the courtroom, Attorney Blaustein is prepared for any direction your case may take.

Factors Considered in Asset Division

It was noted above that equitable distribution is not the same as equal. The latter is a pure 50/50 split . The former-which is what is mandated by New Jersey law-simply requires that the property division be fair. This is considerably more subjective, calls for considering a range of factors, and-if the case goes to trial-is left to the discretion of a judge. A Basking Ridge divorce lawyer with a demonstrated track record in trial law can be particularly valuable to a client who needs a persuasive case made on their behalf.

What follows is a list of some of the factors judges will weigh in deciding what is equitable:

Marriage duration: Longer marriages may see a more intertwined financial relationship between spouses.
Age and health of the spouses: This can affect one’s ability to generate income or need for support.
Any prior agreements: This includes prenuptial agreements, which can dictate the distribution of assets.

Tax consequences: A judge will likely want to avoid a settlement that disproportionately burdens one spouse.
The debts and liabilities of the parties: A fair settlement will try to balance out asset division with the debts each spouse must handle.
Contributions: What did each spouse contribute to the acquisition, dissipation, preservation, depreciation, or appreciation in the amount or value of the marital property.

Furthermore, property division issues overlap with other decisions, such as child custody and support and spousal support (alimony). This involves considering factors like these:

The income and earning capacity of each spouse, including educational background, training, employment skills, work experience, length of absence from the job market, and custodial responsibilities for children.
The contribution by each party to the education, training, or earning power of the other-if one spouse supports the other’s career advancement, it’s only equitable that both spouses share in the fruits of that advancement.
The need for a parent who has physical custody of a child to own or occupy the marital residence and to use or own the household effects.
The need for the creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse or children.

These factors provide a framework for courts to evaluate and decide on a fair distribution of assets Furthermore, because no marriage is exactly like another, judges are given general flexibility to consider “all other relevant factors.”

The Value of Experience

There’s so much involved in securing a fair settlement. The legal and financial issues are nuanced enough on their own. Attorneys must also have a grasp on the fine art of negotiation and litigation, skills that are best acquired through repetition and constant practice. That’s what Gary Blaustein, Attorney has been doing since 1985, and it’s what he wants to do for you.

Call today at (908) 212-9630.

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Over 40 Years of Fighting for Families

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Attorney Gary Blaustein Meet Your Advocate

Read more about Attorney Gary Blaustein's established history of representing family law clients.

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