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 the lawyers at The Law Firm of Michael S. Rothmel, LLC, for a consultation. Our team of attorneys has more than 30 years of experience, so 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.
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.