Marriage is a shared enterprise and, as a result, when a marriage is dissolved, the assets acquired during the marriage should be fairly divided by the parties. The court is required to conduct a three-part analysis when determining whether to distribute an asset. First, the court must identify which assets, existing at the time the complaint is filed, qualify as marital assets. Of those marital assets, the court must then determine the value of each particular asset, and finally decide how much to equitably allocate to the parties, consistent with N.J.S.A. 2A:34-23.1. The term “equitable” does not necessitate that the parties receive equal shares; rather, the court provides the parties with a fair division achieved by applying the factors set forth in N.J.S.A. 2A:34-23.1. The court must consider, but is not limited to, the sixteen statutory factors set forth in N.J.S.A. 2A:34- 23.1. These factors include:
- a) The duration of the marriage or civil union;
- b) The age and physical and emotional health of the parties;
- c) The income or property brought to the marriage or civil union by each party;
- d) The standard of living established during the marriage or civil union;
- e) Any written agreement made by the parties before or during the marriage or civil union concerning an arrangement of property distribution;
- f) The economic circumstances of each party at the time the division of property becomes effective;
- g) The income and earning capacity of each party, including educational background, training, employment skills, work experience, length of absence from the job market, custodial responsibilities for children, and the time and expense necessary to acquire sufficient education or training to enable the party to become self-supporting at a standard of living reasonably comparable to that enjoyed during the marriage or civil union;
- h) The contribution by each party to the education, training or earning power of the other;
- i) The contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property, or the property acquired during the civil union as well as the contribution of a party as a homemaker;
- j) The tax consequences of the proposed distribution to each party;
- k) The present value of the property;
- l) The need of a parent who has physical custody of a child to own or occupy the marital residence or residence shared by the partners in a civil union couple and to use or own the household effects;
- m) The debts and liabilities of the parties;
- n) The need for creation, now or in the future, of a trust fund to secure reasonably foreseeable medical or educational costs for a spouse, partner in a civil union couple or children;
- o) The extent to which a party deferred achieving their career goals; and
- p) Any other factors which the court may deem relevant.
The court may not simply mechanically divide the marital assets; it must weigh the unique circumstances of each case. When a party appeals the classification of an asset as a marital asset, we consider whether the trial court’s decision was supported by sufficient credible evidence in the record.
Cases cited to or referenced above are:
Rothman v. Rothman, 65 N.J. 219 (1974)
https://law.justia.com/cases/new-jersey/supreme-court/1974/65-n-j-219-0.html
Elrom v. Elrom, 439 N.J. Super. 424 (App. Div. 2015)
https://www.casemine.com/judgement/us/5ca1f3a7342cca16c797c06c
Barr v. Barr, 418 N.J. Super. 18 (App. Div. 2011)
https://casetext.com/case/barr-v-barr-26
Carr v. Carr, 120 N.J. 336 (1990)
https://law.justia.com/cases/new-jersey/supreme-court/1990/120-n-j-336-1.html
Sauro v. Sauro, 425 N.J. Super. 555 (App. Div. 2012)
https://casetext.com/case/sauro-v-sauro-1
Stout v. Stout, 155 N.J. Super. 196 (App. Div. 1977)
https://casetext.com/case/stout-v-stout-6