Equitable Property Division In New Jersey

New Jersey uses equitable property division laws. This means that the division of assets may not always be perfectly equal but is more in line with what the court believes is fair and just. This can make the case a bit more complex, as the court has to consider numerous factors to determine how property should be split up.

If you’re going through this process in Burlington County, contact our lawyer at The Law Firm of Michael S. Rothmel, LLC, for a consultation. Our founder, attorney Michael S. Rothmel, has more than 30 years of experience. We can help you explore all of your options and protect your property rights. Our office is also located right across the street from the Burlington County courthouse, making things convenient if you’re going through a divorce case.

Marital Property Versus Separate Property

One key area to consider is the division between marital property and separate property. As a general rule, separate property includes items or financial assets that couples already owned before getting married. They still have full ownership rights over these assets, so they don’t have to go through property division. Marital assets, on the other hand, are things that the couple has acquired jointly, meaning they do have to be split in property division. In some cases, separate property can be commingled or mixed with other marital property, changing its status.

Common Types Of Assets In Property Division

Many different assets may need to go through the property division process. Examples include:

• Real estate such as a family home
• Bank accounts
• Investment portfolios
• Retirement accounts or pension plans
• Vehicles and watercraft
• Tangible goods such as home furnishings, jewelry, family heirlooms and art collections

It’s very important to know how to classify these as either marital or separate assets and understand how the property division process works when both people have an ownership claim.

Frequently Asked Questions About Property Division In New Jersey

Do you have questions about New Jersey’s property division process? Our attorney can help. Here are the answers to a few frequently asked questions about property division:

Can 401(k)s, pensions and other retirement accounts be divided between New Jersey spouses?

In many cases, yes. Typically, 401(k)s, pensions and other retirement accounts are funded during a marriage. As a result, at least some of these assets are usually considered part of the marital estate. Retirement accounts may be divided fairly between spouses, transferring assets to each party without causing penalties or tax consequences via a qualified domestic relations order (QDRO).

Is your inheritance divided during a New Jersey divorce?

An inheritance received during a marriage is typically considered separate property in New Jersey. This means that an inheritance may not be divided equitably between spouses. There are a few exceptions, however, that might lead to the division of an inheritance, including:

• Commingling funds: If an inheritance is added to a joint account, then the funds may be considered part of the marital estate.
• Increase in value: If one spouse receives an inheritance and the other spouse adds to the funds – thereby increasing the value – the assets may become part of the marital estate.
• Prenup/postnup: A prenuptial or postnuptial agreement may establish whether or not a spouse’s inheritance is part of the marital estate.
• Added spouse to title: If a spouse received real property (such as a house) via inheritance, adding the other spouse to the title would generally make the asset part of the marital estate.

If you are unsure whether an inheritance is divided in a New Jersey divorce, it can help to reach out to an experienced divorce attorney to classify these assets.

What if you disagree with the court’s property division ruling?

If you disagree with a court’s ruling when it comes to the division of marital property (or even what counts as marital property), you will need to file an appeal. There is typically a very short time limit to act, and you will need to present clear and convincing evidence as to why you believe that the lower court’s decision was wrong. Attorney guidance is essential.

Call For A Consultation

If you’re going through a complex case and want to protect your property rights, just get in touch with our experienced team for a consultation. You can contact us through the online form below or simply by dialing 609-288-2187 today.