According to New Jersey Revised Statute §2A:34-23.1, courts must equitably distribute all marital property. This means that a court will issue a final order that places both parties on equal financial footing moving forward.
This concept can have a massive impact on marital property. To effectuate an equitable distribution, courts may order the sale of a family home, the liquidation of a business, the payment of debts, and the splitting of bank accounts. The outcome of marital property division can also affect a request for alimony.
One of the largest parts of this process is the determination of what property is subject to this distribution. Any assets that a person owns prior to marriage and manages to keep separate from their spouse remains personal property. A Teaneck property division attorney could help to explain the concept of equitable distribution and work towards a fair categorization of marital property.