23 Oct Understanding Asset Division During A Divorce In New Jersey
In this article, you can discover…
- How marital property is defined in New Jersey.
- How investment properties are treated in a divorce.
- What to do with gifts received during the marriage.
What Qualifies As Marital Property In New Jersey?
Marital property is generally defined as anything purchased from the day you marry to the day you file for divorce. In rare cases, property kept entirely separate from shared assets could potentially be considered individual property.
For example, if you were to purchase a piece of property with money you had before the marriage, keep it exclusively in your name, and use only your own separate assets to finance the property, this could be considered individual property.
As a general rule, however, if an asset was purchased after marriage and before a divorce, it can be considered marital property and be subject to division.
What Impact Do Retirement Accounts Have On Asset Division?
Retirement accounts are considered marital assets, and any funds you place into your retirement accounts after marriage will be shared or distributed 50/50 in a divorce. Any pensions or funds that you had prior to marriage are considered your sole property. Likewise, any money you added to a retirement account after filing for divorce is your sole property, as well.
The Law Offices Of Jeffrey M. Bloom can reach out to financial experts to ensure that all separate, pre- and post-divorce property is kept only by the party whose property it is. This can allow you to hold onto assets that do not need to be divided or shared, and ensures a more fair and reasonable divorce.
How Are Investment Properties Treated In A Divorce In New Jersey?
Investment properties that a couple buys together during the course of their marriage are marital assets. Likewise, if the property was purchased and maintained with shared, marital money, it is considered a shared asset at the time of divorce.
The main means to determine what is defined as marital vs. sole real estate property boils down to how the item was initially paid for, whose money purchased it, and whose money maintained it thereafter.
Attorney Jeffrey Bloom is a veteran, hard-working divorce attorney serving New Jersey. For over 35 years, he’s helped clients just like you better understand asset division, protect their sole property, and navigate divorce with clarity and focus.
Have questions, or in need of quality legal guidance? Reach out to The Law Offices Of Jeffrey M. Bloom at (855) 208-3650 for an initial consultation today.
Can I Keep Gifts Received During The Marriage?
This depends entirely on the type of gift being discussed. For example, gifts given in contemplation of marriage, such as an engagement ring, must be returned. Gifts between spouses over the course of the marriage are subject to being shared in equitable distribution. Gifts given to one spouse by third parties (such as a friend or sibling) remain the property of the person who received them.
An exception to this rule would be gifts that are converted into marital assets. For example, if the wife’s parents give her $100 and she re-invests this amount back into a shared home, the $100 now becomes marital property. However, should she simply cash the check or put it into her own separate account, it remains her sole property.
A divorce attorney can help you examine how gifts were given, to whom they were given, and how the gift was handled afterward to help determine whether it qualifies as sole property or divisible marital property.
What Are Some Important Pieces Of Advice To Keep In Mind When Handling Marital Property?
If you receive assets as a gift, keep these items in your name alone if at all possible. This helps protect the gift from equitable distribution should you divorce.
If you start a business after marriage, be sure to keep detailed records of your contributions to that business, who contributes, and where the money goes. This can help your attorney understand how to best divide the business’ assets in a way that fairly reflects your input, hard work, and investment in that business, both financially and emotionally.
Keeping detailed records of all assets, gifts, properties, and accounts is vital. Reach out to a seasoned, knowledgeable divorce attorney for answers on protecting sole property and a better understanding of your rights and options under New Jersey law.
Still Have Questions? Ready To Get Started? For more information on Asset Division During A Divorce In New Jersey, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (855) 208-3650 today.
