Securing Your Fair Share of Martial Assets
West Orange, New Jersey Lawyer
Property division can be the biggest obstacle to a speedy divorce settlement. Attorney Margaret E. Padovano has the experience and skills to protect clients’ financial interests while working toward fair and creative property settlements. During the first meeting, she provides clients with a comprehensive overview of how assets and debts may be divided.
Equitable distribution of assets in your New Jersey divorce
New Jersey is an equitable distribution state, requiring a fair division of the marital estate. Distributing marital property requires identification of the assets acquired during the marriage (marital property) and which assets a party may retain (separate or non-marital property). In longer marriages, the court often concludes that separate assets have become commingled and partially or wholly subject to distribution. In shorter marriages, the court may rule that one spouse’s significant contribution to the acquisition of joint property, such as a down payment on a house, should be considered in determining a fair distribution of an asset.
Ensuring that all assets are considered
Other issues included valuing assets correctly and finding hidden assets. In advance of divorce, for instance, a self-employed spouse in a cash business may under-report income. Attorney Padovano has access to forensic accountants and valuation experts who can trace and accurately value:
- Closely held businesses
- Retirment accounts and 401K assets
- Stocks and investments
- The marital home and other real estate
- Cars, valuables, and furnishings
Once all the financial data has been acquired, Ms. Padovano formulates an asset distribution which permits her client to receive what is most important to him or her while still receiving a fair share of the marital estate. She strives for out-of-court property settlements to expedite the legal process. However, when unresolved property division issues lead to court, she is an experienced and effective litigator.
Contact Maragaret E. Padovano to discuss property division and all divorce-related issues.