One of the most contentious steps of a divorce can be the distribution of property. Being informed of how New Jersey state law treats the assets of a couple undergoing a divorce can be invaluable to you and your family. Our qualified New Jersey divorce lawyers can apprise you of the details involved and guide you through the process.
Separate Property in New Jersey
Separate property are assets owned solely by either spouse before the marriage or acquired after the Complaint for Divorce has been filed. Inheritances or gifts received by a single spouse will also meet the requirements. Separate property must remain separate throughout the marriage in order to retain the designation. If any assets are comingled with marital funds, such as in a joint savings account, state law considers it to be marital property.
Marital Property in New Jersey – Not All Things are Equal
New Jersey is an equitable division state. Equitable does not necessarily mean equal in the eyes of the courts. It simply means that marital property must be distributed fairly. Marital property is all assets acquired during a marriage. In order for the courts to come to a reasonable or equitable decision regarding marital property, the judge will deliberate numerous factors.
When dividing marital property in New Jersey, the judge may consider:
- How long the marriage lasted
- Standard of living established
- Prenuptial or postnuptial agreements
- Physical custody of any children involved
- Contributions made to create and maintain marital property
The courts usually do not consider who is deemed at fault for the dissolution of marriage when dividing the marital property. Exceptions to this can be if a spouse wasted a significant portion of the assets due to activities such as gambling or substance abuse.
Protect Yourself With Our Experienced Family Law Attorney
With more than fifty years of combined experience, our lawyers at The Law Offices of O'Toole & Gunteski, LLC have been recognized for their experienced and compassionate representation. Our knowledgeable family law attorneys are ready to help you reach a divorce settlement that is fair and beneficial for your family and you.
Contact us to reach one of our New Jersey divorce attorneys serving Ocean and Monmouth Counties today!