Protecting Your Financial Future In Divorce
The division of marital property is one of the most complex, and often contentious, issues in divorce. In New Jersey, wealth, assets and debt acquired during the course of the marriage are considered marital property and subject to division upon divorce. Martial property often includes:
- Family home
- Savings accounts
- Retirement accounts (401(k), pension, etc.)
- Vacation homes
- Stocks and bonds
- Business and professional practice assets
- Personal property
If you are getting divorced in New Jersey, the outcome of property division proceedings will play a large role in shaping your financial future. With over 40 years combined experience handling complex property division matters, the law firm of Wolfenson & Ashkenazi, P.C., is prepared to protect your financial future in these critical legal proceedings. With law offices in Union and Cedar Knolls, we serve clients throughout northern and central New Jersey.
Attorney Andrew Wolfenson not only is accomplished in divorce law, but also has extensive experience handling estate planning, real estate and bankruptcy matters — legal areas that often intersect with property division. This varied background allows him to represent clients with multiple and overlapping legal concerns. Such situations may include a divorce in which the marital property includes significant debt, or a divorce that entails the transfer of real estate or the amendment of an estate plan.
Protecting What Matters Most
Under New Jersey’s equitable distribution laws, courts consider many factors when deciding how property will be divided between divorcing spouses. Key factors include:
- The length of the marriage
- Each spouse’s age and health
- The standard of living established during the marriage
- Each spouse’s earning ability and overall financial picture
Perfect outcomes in property division proceedings are simply not realistic. Attorney Wolfenson applies aggressive advocacy when appropriate, but understands that his clients are often best served by a pragmatic approach.
In contentious negotiations, a party can get too attached to an item of property, resulting in a protracted, costly litigation. Mr. Wolfenson will work with you personally to ascertain your goals and get to the heart of what property is truly important to you so you can look ahead to a bright financial future and don’t spend a fortune fighting over pots and pans.
What About Marital Debt?
Many couples hold joint credit cards or have both of their names on loans or lines of credit. That means you are legally bound to pay those debts, even if, for example, your spouse ran up considerable credit card debt on a card you never used. Although the court may assign such a debt to your ex-spouse, the creditor can still pursue you for payment if your ex-spouse defaults.
For this reason, attorney Wolfenson always negotiates with debt in mind. In some situations, for example, it may be preferable to pay part of your ex-spouse’s debt in exchange for keeping all your retirement assets. Mr. Wolfenson’s rich experience in bankruptcy law informs this aspect of his divorce law practice.