Atlantic City Divorce Lawyer

Very few people enter a marriage expecting that one day they will find themselves researching divorce laws, equitable distribution, child custody issues, and all the other legal and financial questions that inevitably come with ending a marriage. Unfortunately, divorce is a reality for many families in New Jersey, and if you are currently considering divorce, or if your spouse has already filed for one, you need a skilled Atlantic City divorce lawyer in your corner who can effectively represent your rights and interests at every turn. Continue reading and contact the Law Office of Stephanie Albrecht-Pedrick, LLC to learn more about how divorce works in New Jersey and how our team can help you through the process.

Divorce Lawyer Representing Clients in Atlantic City, New Jersey

Here at the Law Office of Stephanie Albrecht-Pedrick, LLC, we proudly represent individuals who are facing a wide range of divorce and family law matters, including the following:

• Uncontested Divorce
• Contested Divorce
• Alimony
• Property Division
• Divorce Mediation
• High Net Worth Divorce
• Business Owner Divorce
• Child Custody
• Child Support
• Relocation
• Prenuptial Agreements
• Post-Judgment Modifications
• Domestic Violence
• LGBTQ Family Law
• College Expenses & Divorce
• Emancipation
• Guardianship

How Is Property Divided During a New Jersey Divorce?

One of the most commonly misunderstood aspects of divorce in New Jersey involves property division. Many people assume that marital property is automatically split fifty-fifty during divorce proceedings. Unfortunately, that is not necessarily the case.

New Jersey follows equitable distribution. Equitable distribution does not mean equal distribution. Instead, it means something much closer to what the courts determine is fair under the circumstances.

Generally speaking, marital property includes assets and debts accumulated during the marriage, regardless of whose name appears on the title, deed, account, or loan documents.

Of course, not every asset automatically becomes marital property. Assets acquired before the marriage may remain separate property, though issues can arise when those assets become commingled with marital assets over time.

When determining how property should be divided, New Jersey courts may consider several factors, including the following:

• The duration of the marriage
• The age and health of both spouses
• The income and earning capacity of each party
• Contributions made to the marriage
• The standard of living established during the marriage
• The value of the assets involved
• Any written agreements between the parties

How Are Casinos, Restaurants, and Small Businesses Handled in Divorce?

Atlantic City divorces frequently involve financial issues that may not arise in other parts of New Jersey. This is because many local families derive income from casinos, restaurants, hospitality businesses, tourism-related businesses, and other small business ventures.

For example, if one spouse works in the casino industry, compensation may extend well beyond a regular paycheck. Bonuses, deferred compensation packages, retirement benefits, stock options, and other employment-related benefits may all become relevant during the divorce process.

Business ownership can make matters even more complicated.

Some examples of businesses frequently involved in Atlantic City divorce cases include:

• Restaurants
• Bars
• Retail establishments
• Construction companies
• Hospitality businesses
• Professional practices
• Service businesses

One of the first issues that must be addressed is whether the business itself is considered marital property. If the business was created during the marriage, or if it substantially increased in value during the marriage due to the efforts of either spouse, at least a portion of that business may become subject to equitable distribution.

In many cases, a business valuation expert may be required to determine the value of the company. These experts may analyze:

• Revenue history
• Existing assets and liabilities
• Business goodwill
• Ownership interests
• Future earning potential
• Existing contracts and obligations

Fortunately, divorce does not automatically mean that a business has to be sold. Depending on the circumstances, one spouse may buy out the other spouse’s interest, the parties may offset the value of the business with other assets, or, in some situations, the spouses may even continue operating the business after the divorce has been finalized.

Contact a Divorce Lawyer in Atlantic City, NJ Today

If you have questions about the divorce process in New Jersey, or you’re in need of a skilled Atlantic City divorce lawyer who can fight for your rights and future, please don’t hesitate to contact the Law Office of Stephanie Albrecht-Pedrick, LLC today.