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When there is little or no marital property, no children, no issues of alimony or spousal maintenance, amicable spouses can usually obtain a quick divorce. Most divorces, however, are quite different and far more complex. The typical divorce involves a union of a number of years with considerable marital property, both personal property and real estate, children, family businesses, large or concealed debts, trust funds, real estate in other states, joint and separate accounts, investments, insurance, pensions, and other assets. In these complex situations, the parties often cannot divide their property on their own and therefore may require the assistance of experienced legal counsel like the family law attorneys at Rosen Law Firm, LLC in Charleston, SC, for its ultimate division.
While specifics differ from state to state, a majority of states use the equitable distribution of property approach to divide marital property. There are many factors and statutes involved in the equitable distribution process. In New Jersey, for example, in making an equitable distribution of property, the court shall consider, but not be limited to, the following factors:
N.J. Stat. Ann. § 2A:34-23.1
Any separate property is retained by the spouse who owns it. In general, separate property includes:
Certain kinds of property continue to create controversy at divorce, even under the clear division rules of the community property system. Divorcing couples need to be aware of these assets and the issues their division may present.
Many couples have a difficult time reaching an agreement about how to divide their property. Because the specific rules in each state vary significantly and because the division of property depends on the complexity of your assets and liabilities, it is important to consult with an experienced family law attorney at Rosen Law Firm, LLC in Charleston, SC, for assistance if you anticipate the division of property is likely to be an issue of controversy in your divorce.
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Rosen Law Firm, LLC
The Peoples Building
18 Broad Street, Suite 201
Charleston, SC 29401