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McCurrie McCurrie
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Key facts about property division

If you are getting divorced in New Jersey and you do not have children, there is probably one part of the divorce process that is most important to you: property division. You want to make sure that you get what you deserve, that the division is fair, and that you can retain your rightful wealth and assets. Below are a few things you should know as this process begins.

The first thing to be aware of is that New Jersey is not a community property state. These states—such as California—focus on splitting up wealth on a 50/50 basis. In New Jersey, equitable division laws are used, which simply means that, if your case goes to court, the judge tries to make a "fair" judgement, though you and your spouse may not each see 50 percent of your overall assets.

One of the main things that comes into play is the ownership of a home. If you do have children, and if one party gets sole custody, that party may also be given the home because this is seen as a necessity for the family.

In your case, though, without children in the picture, the judge has to decide if one of you should keep it. This is done differently in every case. For example, the only fair solution may be for you to sell the home and then split up the money. In other cases, your spouse may be given more of the wealth that you have accumulated, while you could be given the home.

If you and your spouse can reach an agreement like this, you can submit it to the court to be approved. If not, the judge will make a ruling.

Source: FindLaw, "Divorce Property Division FAQ" Dec. 26, 2014

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