Asset And Property Division In A New Jersey Divorce
When going through a divorce, dividing property can be complex and sometimes contentious. You have to determine what property counts as marital assets and what types of property may still be separate assets. Marital assets are divided, but separate assets are not. You also have to figure out how to divide very complex assets, such as retirement benefits or investments, and this can result in financial disputes with your former spouse.
At my firm, The Law Office of Gary J. Natale P.C., I offer my clients more than three decades of experience, having earned my law degree in 1989. I understand the legal process and the common frustrations and conflicts couples experience. I’m well-known for my attention to detail, which is critical when splitting up assets – whether they are financial or tangible. If you’re looking for a proven and successful family law attorney for your Essex County divorce, call me today.
What Are Common Marital Assets?
Property division starts with identifying marital assets. These are typically assets that were obtained or earned during the marriage. They often include:
- A family home
- A family business
- Retirement accounts
- Savings accounts
- Investment portfolios
- Bank accounts and earnings
- Life insurance policies
- Real estate
- Automobiles
- Home furnishings
Separate assets are those brought to a marriage and not commingled, such as real estate acquired before marriage, an inheritance or gifts. If they are commingled or mixed with marital assets, however, their status can change.
Is New Jersey A Community Property State?
It is not. In community property states, most marital property is divided equally. In New Jersey, though, division is done equitably or fairly. This means that division may not be even if the court believes an uneven split would be fair.
Questions About Dividing Property And Debt In New Jersey
New Jersey courts divide property through equitable distribution, and certain assets and debts raise issues beyond its general rules. Clients across Essex County ask me about them often, and the answers depend on the facts of each marriage.
What happens to the marital home in a divorce?
A home bought during the marriage with marital funds counts as marital property, regardless of whose name appears on the deed. You and your spouse can sell it and divide the proceeds, or one of you can buy out the other’s share. If one spouse owned the home before the marriage, the court may still divide any increase in value that marital funds or the other spouse’s efforts produced.
Am I responsible for my spouse’s debt?
The court allocates marital debt between you and your spouse, even when the debt is in their name alone. Debts your spouse took on before the marriage or for expenses unrelated to it generally remain their responsibility. However, the divorce judgment does not bind your creditors, so a lender can still pursue you for a joint debt assigned to your former spouse.
What if I think my spouse is hiding assets?
When property division is in dispute, each spouse must file a certified Case Information Statement listing income, assets and debts. Your own records may reveal large withdrawals or unfamiliar accounts that the statement does not explain.
If those disclosures look incomplete, I can use written questions, subpoenas for bank and business records, depositions, and forensic accounting reviews to investigate possible omissions. A judge who finds concealment may adjust the division in your favor or order your spouse to pay some or all of your legal fees.
How can I protect my assets before filing for divorce?
Retaining copies of tax returns, account statements and deeds gives you a record of your finances before the case begins. Documents tracing premarital property, inheritances and gifts from third parties also help establish which assets remain separate. Wasting marital funds or transferring them to deprive your spouse of a fair share can reduce what you receive in the divorce.
Call Today To Learn How To Protect Your Assets In A Divorce
You need an experienced lawyer so that you can learn more about your options to protect your assets as you go through a divorce. I offer free consultations with no strings attached. Just call 973-821-4199 or contact me via email to schedule.