Distribution of Debts Explained in New Jersey Divorce Law

Cherry Hill Asset & Debt Division Lawyer New Jersey

Divorce Attorney Helps Divorcing Clients Divide Debt & Wealth

During the course of a marriage, many valuable items are accumulated. Whether assets are purchased or the result of savings or investments, New Jersey law is clear when it comes to the equitable division of wealth and debt. If you decide to divorce, assets obtained during the marriage must be divided fairly and reasonably between the two spouses. Similarly, debts must be divided equitably, as well.

The term “equitable,” however, doesn’t mean equal. This is why you need to hire a knowledgeable family lawyer who understands complicated asset and debt disposition laws in New Jersey. When you are getting divorced, contact Ronald Graziano of Graziano & Flynn in Cherry Hill, New Jersey. We know that you are entitled to your share of property and wealth accumulated during the marriage and, rest assured, we will protect your right to keep what’s yours.

Common Marital Assets that Require Equitable Distribution During Divorce

In cases where there is a prenuptial or postnuptial agreement in place, some assets such as heirloom jewelry, family real estate or inheritances such as trusts, may be off the table during discussions regarding equitable distribution of assets. For all other items accumulated during the marriage, both spouses have a right to their share.

Common marital assets that need to be equitably divided between the spouses include:

Real estate (including marital home, vacation housing, investment property)
Vehicles (including cars, motorcycles, trucks, boats and campers)
Retirement Accounts (including 401(k), 503(b), pensions, etc.)
Investments (including stocks, bonds, mutual funds, etc.)
Further, if one or both spouses own part or all of a business, the assets of the company may need to be reasonably divided, as well

For more than 40 years, Mr. Graziano has been a successful family lawyer representing divorcing clients in South Jersey, including Camden County, Burlington County and Gloucester County. He will protect your rights and will fight for you at the negotiation table and in family court, if necessary, to ensure that you get the assets that you are entitled to receive.

Division of Debts is Often a Major Sticking Point During Divorce Negotiations

The reason why divorcing spouses argue so fervently when it comes to who should be responsible for debt is that, oftentimes, one spouse contends that the debt wasn’t incurred by both people. Of course, decisions to purchase a car or a piece of artwork or even a new television are generally made together. In these cases, both spouses, and even the entire family, enjoyed use of these items and they are, therefore, considered marital debt.

However, what happens when one spouse uses joint credit cards for other purchases?

For example, if one spouse has a gambling problem and accrued significant debt, should the other be required to foot the bill for those payments? Similarly, if one spouse had an affair and spent a considerable amount of money on their extracurricular activities, should the other spouse have to bear the weight of that debt?

Talk to Mr. Graziano about your particular situation. While each of you must take responsibility for an equitable share of debt accumulated during the marriage, you can rely on Mr. Graziano’s expertise to make sure you don’t get stuck holding the bill for debts you didn’t incur.

Mr. Graziano will explain the various guidelines judges use to determine how assets and debts should be equitably divided during divorce.

In South Jersey, Your Debts Are Divided Just Like Your Assets Are Speak with a Dedicated Family Law Attorney About Your Next Steps

It’s been said that the only things we can be sure of are death and taxes. Most New Jersey married couples, except for those fortunate enough to have high value assets, have also become quite accustomed to debt. Whether it’s a mortgage, a car loan, college bills, credit card debt or another type of debt, it’s not unusual to live beyond our means, relying on credit.

However, when you are facing a divorce, especially if it’s contentious, the issue of debt can no longer remain the elephant in the room. You need an experienced, knowledgeable divorce attorney who understands the laws regarding the distribution of marital debt in New Jersey. When it comes to divorce settlements and the distribution of marital assets and debts, South Jersey lawyer Ron Graziano of Graziano & Flynn, P.C. knows that one size doesn’t fit all. He will represent you with an eye on making sure you won’t be forced to pay debts that aren’t legally yours to pay.

Whose Debt Is It Anyway?

The concept of “equitable distribution” is law in New Jersey when it comes to divorce. The couple must figure out how to equitably divide both the marital assets and the debts incurred during the course of the marriage. However, “equitable” doesn’t mean “equal” and it certainly doesn’t mean 50/50.

One of the biggest issues with trying to divide debt is, in many cases, a couple’s financial health, or lack thereof, contributed to the decision to divorce. It’s even worse if one or both of you are facing bankruptcy or have amassed considerable credit card debt — without the agreement or knowledge of the other spouse.

If you are in the process of or considering divorce and debt distribution is an issue, be aware that you should speak with a knowledgeable attorney who can help make sure you aren’t held responsible for debts you didn’t make on behalf of the marital home. He can help you prove that the debts in question are not actually yours and not related to the usual and customary family expenses.

A really good reason to speak with Ron Graziano of divorce law firm Graziano & Flynn, P.C. is that he will do everything he can to limit your liability. It’s important to understand upfront that if you aren’t able to prove that you are not responsible, the debts will be considered “marital debt” and you could be held responsible to for a portion up to half when the divorce settlement is decided.

Don’t go into debt distribution negotiations without Ron Graziano by your side.

What Is Considered Marital Debt?

Debt accumulated during the marriage is generally considered marital debt. Loans and debts that are co-signed by both spouses and used for the betterment of the family, such as mortgages and lines of credit, car loans, and joint credit cards, are considered marital debt.

The law does recognize that, oftentimes, one spouse is more apt to use credit cards to pay for food to feed the entire family or gas to fuel the car so children can be carpooled to and from activities. In these cases, the debt was technically incurred by one spouse but both with be responsible to pay it off. The spouse used the credit card to rack up debt to feed the entire family. One person spent the money, but both spouses are held liable for the bills.

There Are Times Debt Should Not Be Considered Marital Debt

New Jersey family courts are clear in the fact that debt incurred within the course of a marriage will be split between the two parties should the desire to divorce arise. However, common sense dictates that debt incurred during a marriage isn’t always made by joint decision. Ron Graziano will work with accountants and investigators, if necessary, to help prove that you should not have to pay debts you feel were incurred without your consent.

We Proudly Serve All of South Jersey

Talk to Ronald Graziano About Your Rights and Options Regarding Equitable Distribution of Debt & Assets in New Jersey

It’s important to recognize that the way assets and debts are divided during divorce may have an impact on a judge’s alimony order and child support requirements. Don’t try to negotiate these important issues without the assistance of a knowledgeable asset and debt distribution lawyer. Contact Graziano & Flynn for a consultation today. We will review your assets and advise you on how to proceed during negotiations with your soon-to-be-ex.

Talk to NJ Divorce Attorney Ron Graziano About Your Marital Debts for Free

There are a number of financial issues to consider in divorce. The ways marital debt is defined and divided is certainly a major part of the divorce settlement. South Jersey divorce lawyer Ron Graziano has represented many people, like you, who want to emerge from their divorce proceedings financially sound. Mr. Graziano was a certified trial attorney for over 25 years, and he has been named a top lawyer in New Jersey’s Super Lawyers magazine for multiple years.

We invite you to contact the law firm of Graziano & Flynn P.C. for a free, no obligation consultation. Ron Graziano will discuss your case, confidentially, and explain how he can make sure you are protected. Call 856-499-4351 or at toll free 866-948-7568 or fill out our convenient online form and we will get back to you right away. We will fight tirelessly on your behalf to make sure you don’t pay more than you rightfully should.

Client Reviews

Best Lawyer Around!

Ron surpassed my expectations in my case. He always kept me in the loop, updated me with any change, and answered ALL of my questions.. And I had a ton! He was very knowledgable, honest, supportive, and calm. I was nervous every step of the way and he listened to each and every one of my concerns. He was always available by phone and email; He responded very promptly to every email I sent (I sent a ton!). Ron is an extremely trustworthy lawyer. Listen to what he says and have faith in him, you will be as impressed as I am! I couldn’t have dreamed of a better outcome in my case. I wouldn’t have wanted anyone else to represent me, I highly recommend him to anyone looking for an amazing lawyer!! His staff is amazing as well!!

– Gia

I am a Father and my daughter wanted to live with me and attend school closer to my home (I wanted to enroll her into private school) so that would mean I would need to become the primary parent of residence. I thought it would be impossible to get that changed because I also have a career as a firefighter so my work schedule rotates and its 24 hour shifts. I contacted Robyn and she was upfront and honest provided me with possible outcomes. Robyn was outstanding! She had to do the work of two attorneys because the defendants’ attorney would not submit paperwork to the court in a timely manner and that would’ve slowed the process. The case went to trial and having the experienced attorney really showed! I am now the primary parent of residence my daughter and I couldn’t be happier. She always answered my calls, emails and was on time. Both parents were found to be fit by the judge yet a change of custody was still granted in my favor.

– Delvin C.

I couldn’t be more pleased with my attorney Ron Graziano, when it came down to understanding and knowing his area of expertise there is no doubt that this Law Firm is everything plus that. Ron was very easy to talk with and clearly knew how to approach my case. I went to court for a child support/custody situation and it could not have worked out more satisfying for me if i had not had the Graziano & Flynn firm representing me in the most professional and knowledgeable way possible. I did not have to speak with the Judge not one time, i was represented absolutely well by my attorney Ron, he’s the best and i will continue to use him, if need be; Thank you so much.

– Barber B

Robyn is an excellent litigator and educated/guided me throughout my divorce. She is incredibly gifted in managing your case and fighting for you with opposing consul. Through the dark days she kept me going and helped me get the results me and my children deserved.

– Chris K.

Robyn made the divorce process bearable by making sure I was ok every step of the way. She was a fighter when she needed to be and compassionate the rest of the time. The thing I liked best about her is that she was encouraging when I needed to get my end of the work done. She was reasonably priced and worked hard to get my case settled. I have since recommended her to 3 other friends who have retained her services.

– Ana Z.

I was referred to Ron through a friend and I couldn’t have been happier with my experience working with him. I had a family court/custody issue that Ron helped me win. He was extremely knowledgeable with family/custody law and how to approach judges with the information I provided concerning my case. He was reasonably priced and worth every penny. I am finally the parent of primary residence for my daughter thanks to Ron’s expertise. Thanks Ron…

– Nathan

– Danielle

After a divorce, my ex-husband was not keeping up with his scheduled child support payments. With the help and knowledge of Robyn Flynn, I was able to resolve this issue. Being a single mother of three children, Robyn Flynn made me a priority. I felt respected by her always keeping me informed and encouraged. She was not only my lawyer, but a friend during a very stressful time in my life. I would never use another attorney other than Robyn Flynn and highly recommend her to my friends as a trustworthy, professional and experienced lawyer.

– Anna H.

Ron is an extremely trustworthy lawyer. Listen to what he says and have faith in him, you will be as impressed as I am! I couldn’t have dreamed of a better outcome in my case. I wouldn’t have wanted anyone else to represent me, I highly recommend him to anyone looking for an amazing lawyer!!
His staff is amazing as well!!

– Gia

I’d Hire Him Again!

Mr. Graziano had my best interests in mind when he represented me. He is clearly knowledgeable and handled my divorce quickly and efficiently. I’d hire him if I ever found myself needing a divorce lawyer again.

– Nadia

Excellent, Friendly Legal Advice and Service

I offer an unqualified recommendation for Ron Graziano and the service he provided during my divorce. The only reason I am listing this review anonymously is that my crazy Ex is still cyberstalking me. Ron was knowledgeable, creative, and effective as an attorney for my divorce. He listened to me and heard what I wanted and he helped to make sure it happened in court. In addition, he is just a great guy! Don’t hesitate to call him if you need assistance.

– New Client

Hire Ron Graziano!

Attorney Graziano is one of the brightest and most compassionate professionals with which anyone could work! He is a great advocate and is extremely knowledgable of the judicial system. He made a very unpleasant legal situation a pleasant journey, and he helped keep things in perspective and in a positive light. I fully recommend him without reservation!

– Danielle

The Right Attorney for the Job!

Hiring the right attorney to represent your Divorce case is one of the most important decisions you will ever make!

I was fortunate enough to hire Ron to handle my case and had what I believe to be a favorable outcome. I based my opinion on achieving the goals we set in the beginning of the case and comparing my final outcomes to friends and colleagues that went through the process with other attorneys. Thank you Ron!

– Craig

The Best…..

It seemed like my case took forever but I trusted Ron Grazaino ans listened to what had to say.Mr Graziano said that the insurance company was not being fair and that we should go to trial. The trial was very nerve racking however he eased my mind and killed them with proof and knowledment.My out come of my trial brought me to tears of joy. I could never imagine such a good outcome. Listen to him, have faith and you too will be impressed.

– Robin

Excellent

Mr Graziano represented me in a family court matter. Throughout the case, he was intelligent, knowledgable, calm, supportive, and always prompt and responsive to any question I might have. He kept me informed, prepared thoroughly for the hearing and was extremely well spoken. The case was decided in my favor. Definitely a superior lawyer. I am so happy he represented me and would strongly recommend him.

– Child Support Client

Going through a divorce and a few attorneys over the years, I did not have the greatest trust in lawyers as a whole. That was until I hired Robyn Flynn. Robyn is honest and incredibly intelligent about family/divorce law. She returned my calls and emails quickly. She wrote briefs and responses both truthfully and succinctly. She was honest about what the judge may say and made recommendations accordingly. She could have encouraged me to fight, draw things out or inundate with threatening letters, but she did not. You have a responsive, brilliant professional WITH INTEGRITY in Robyn Flynn.

– Mia

– Danielle C.

After seeking legal advice from many lawyers for my family law matter, I came across Ron Graziano. Immediately I felt at ease with Ron and his team. Their compassionate and genuine desire to help me through a difficult time was evident. Quickly I was able to experience their professionalism, their vast knowledge of the legal system and their willingness to go above and beyond. I am blessed to have had a great attorney like Ron represent me. If you are in need of legal advice, I highly recommend connecting with Ron, you will not be disappointed. Thank you Ron and your amazing staff for always being there every step of the way.

– H.S.

Robyn Flynn was extremely knowledgeable, professional, efficient and compassionate throughout the process of divorce. Robyn’s advice, drafting of documents, representation in court, and follow up helped to maintain an amicable and quick process. I highly recommend Robyn Flynn.

– Elizabeth T.

Robyn was an excellent attorney who guided me through divorce process from beginning to the end. She was professional and welcoming at all times. One thing that I truly appreciated from her was how knowledgeable she is about the laws concerning divorce, child custody, and alimony. If there was ever a stumbling block thrown at us from other side, she knew exactly how to handle the matter with my best interest at heart. I would highly recommend her for any family matter. She is a wonderful attorney and even better person!

– Cynthia N.

Robyn is very effective in accomplishing the goals set forth by her client. She is considerate and caring towards what matters to you and your family, and what it’s costing you. Too many lawyers encourage extreme litigation from the start which only increases the stess and pain of an already painful situation, not to mention leaving you broke. I fired a previous legal team in the middle of my drawn out, expensive case and hired Robyn who actually listened to my needs and wishes and then actually got the job done.

– Joseph G.

Robyn Flynn is an outstanding attorney who represented me in my recent divorce case. Her kind and calm demeanor helped guide me through this traumatic and stressful period in my life. Robyn was patient with me and always addressed my questions and concerns promptly. She handled each step in the process quickly and efficiently, and kept me informed every step of the way. Robyn’s knowledge of the law and vast experience in handling divorce cases proved to be great assets and resulted in an out of court settlement. Not only was I pleased with her work as my attorney, but I also appreciated the genuine concern she had for my well-being. Her hard work, dedication, support, and guidance were invaluable. Robyn is not only an exceptional attorney, but a great person to know. I highly recommend her to others in need of the best!

– K. P.

Attorney Graziano was great. He worked with me every step of the way. He answered all of my questions…and I had a lot, and updated me with each change.

His staff was also wonderful!

– Robin

Robyn Flynn is that rare attorney that not only cares but delivers results. She is smart, savvy, knowledgable and a pleasure to work with. I have in the past and will continue to refer others to her.

– Mindy B.

Ron was wonderful. He was professional, attentive, knowledgeable and above all was able to win our case!! Would recommend him to anyone! Thank you again!

– Jessica S.

Ron is a very nice, efficient. All layers are expensive but he will work with you. I thank God for finding him in the first place

– Valerie F.