Red Bank Family Law
With a population of about 12,000 residents as of 2010, Red Bank is a borough of Monmouth County, located on the southern bank of the Navesink River. It was originally formed from parts of Shrewsbury Township and was only formed as a borough in 1908. Before being settled by English colonists in the 17th century and becoming a shipbuilding center, it was the territory of the Lenape Native Americans. Red Bank grew due to its status as a port for steamboats that transported commuters to Manhattan. The economy fell into decline in 1987, but it was later subject to redevelopment and projects that improved conditions. If you are considering ending a marriage in this area, you should consider enlisting a Red Bank family law lawyer at Goldstein Law Group. We can advise you on your rights and help protect your interests.Family Law Matters in New Jersey
New Jersey is an equitable distribution state, which means that marital property will be divided in an "equitable" or fair manner when spouses divorce. This does not always mean that the property is split 50/50. Separate property remains separate upon divorce and is not divided.
To determine an equitable division, the court will look at factors such as:
- How long the marriage lasted;
- The age and health of each spouse;
- The property that each spouse brought into the marriage;
- Debts and liabilities of the spouses;
- The marital standard of living;
- Each spouse's income and contributions to the other spouse's earning potential, such as deferring career goals in order to pay for a spouse's college degree;
- The contributions of a homemaker; and
- The present value of all property.
Relevant factors usually do not include a spouse's actions that caused the marriage to fail, such as adultery.
What counts as marital property? The court presumes that any assets that are acquired or earned during the marriage are marital property, including gifts between the spouses. In some families, it is clear which property is marital property. Each spouse may have had a separate bank account for separate earnings, or there may be a strong premarital agreement outlining what remains separate property in case of divorce. In many families, however, things are not so clear.
Most spouses commingle their funds, jointly title separate property, or allow separate property to transmute into marital property. When a spouse or both spouses have high net worth, property division can become very complex, and working out an equitable division may require the help of forensic accountants and other experts.
It is common for real estate, for example, to be bought as separate property by one spouse before a marriage. However, during the marriage, the other spouse may make improvements on it, make mortgage payments on it, or construct an improvement on it. Moreover, it may increase in value. In that case, it is important to conduct an asset trace to determine just how much of the real estate is marital property.Consult an Experienced Family Law Lawyer in Red Bank
The Red Bank family law attorneys at Goldstein Law Group have a sophisticated practice in New Jersey municipalities. We take the time to understand the concerns of our clients and use our utmost care to safeguard our clients' interests during divorce proceedings. Our main office is located in Old Bridge, and we have a satellite office in Freehold. Contact our divorce attorneys at 732-967-6777 or via our online form.