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One of the primary aspects of a divorce situation involves the distribution of property. If you are contemplating divorce or are already involved in a divorce, you should fully understand the division of assets in a divorce. Sometimes people mistakenly believe that New Jersey is a 50-50 divorce state. While in fact, New Jersey is an equitable distribution state. Equitable distribution in New Jersey means that at times the distribution of the assets is not an equal split. Sometimes based on certain factors in the divorce, distribution of property may be handled unevenly.
What is considered marital property in New Jersey?
Marital property is property that was acquired during the course of the marriage. In addition, marital property could also be property that may have been acquired prior to the marriage but in some circumstances increased in value during the marriage. Marital property can include any real property, personal property, vehicles, bank accounts, retirement assets or any other valuable item or material that either party has an equitable interest in during the course of the marriage..
Who gets the house in a divorce in New Jersey?
This is not a clear-cut situation and it is determined by the specific facts of an individual case. At times the home is sold. Sometimes one party buys the other party out of their share of the equity if the parties agree. Sometimes the parties agree to offset the value of the property in the house against other issues that have to be addressed at the time of the divorce, such as alimony. There are times when the court may delay the sale of the home due to circumstances involving the children, such as perhaps the completion of an academic school calendar year.
How is property treated that is acquired after separation before divorce?
Occasionally, one party involved in a divorce wants to acquire property during the separation, but prior to the divorce. It is important that if this is a necessary transaction that it be done in consultation with counsel, so as to ensure that there are not any issues that arise at the time of the divorce. Acquiring property prior to the divorce should be avoided when possible, but if it can’t be, it should be handled through the attorneys who can draft a document for both parties to sign to acknowledge that the other person does not have any interest in the newly acquired property.
What happens when property is sold before divorce settlement ?
Sometimes people sell property in anticipation of the divorce and if this takes place, it should also be done in consultation with counsel so that there is an agreement as to how the proceeds from the sale will be handled and maintained pending the final dissolution of the marriage.
What happens to property owned before marriage in New Jersey?
When people divorce and deal with the equitable distribution of their assets it is necessary to address all property divisions, which includes any property owned by either party before the marriage. Under the circumstances, at times, the property may be completely exempt from any distribution at the time of divorce or a portion of the value of the property may need to be valued to determine what part of the premarital property is considered marital for purposes of equitable distribution.
Consult the legal team at DeTorres and DeGeorge to ensure that all of your questions are answered concerning marital property , equitable distribution and New Jersey divorce laws. You want to make sure that you understand New Jersey marital property laws so that you can protect yourself during the divorce process. Contact us today for a consultation. We are here to help you.
