Making Smart Choices About Your Post-Divorce Finances Begins With Knowing Your Options
When you and your ex go through divorce, the tension is about more than what did or did not happen in your relationship; it revolves around disentangling your lives in all ways, personal and financial. The ramifications of your property division will follow you into the next decades as you rebuild your life.
Attorney Fiore Bucci is here to guide you through all aspects of your divorce, from the emotional turmoil to the practical decisions that await. Get exceptional service and effective legal support at Fiore Law Group. Call 856-214-8964.
Is New Jersey a 50/50 state for property division?
New Jersey law is focused on “equitable division” which is not the same as a 50/50 state. Rather than splitting all your property down the middle, the law looks for a division that is fair, which often means dividing property in ways that preserve the value of a property overall, rather than arbitrarily splitting assets like retirement accounts or businesses.
What is classified as marital property in New Jersey divorce?
Marital property is any property you acquire or make substantial changes to over the course of your marriage. There are some exceptions, like inheritances or property named in a prenuptial agreement.
What happens to retirement accounts in divorce?
This depends on your circumstances. In some cases, it may be beneficial to use retirement investments as a negotiating tool. You can, for instance, choose to preserve your full retirement account in exchange for giving up a different asset. In other cases, you may choose to cash your retirement out and divide it equitably as cash.
Who gets the house?
Much like retirement accounts, the terms of your division will determine what happens to your home and other assets. For more information and a personal strategy, reach out to attorney Bucci’s Cherry Hill office today.