What is the Difference Between Separate Property and Marital Property?
If you are getting divorced in New Jersey, you may be dreading the possibility of splitting your assets with your ex. This situation can be especially stressful when you have worked hard to acquire these assets over the years, and you feel that your former spouse has no right to take these assets away from you. In some situations, you have little control over how your assets are split during this process. However, you may be able to limit these potential losses with the right legal strategies.
In order to explore these potential strategies in the most effective way possible, you will need to book a consultation with a divorce attorney in New Jersey. During your consultation, you can speak with our lawyers about your various assets and how best to protect them during a divorce. You may be surprised at how easy it is to hold onto certain assets – especially when you work with a divorce attorney with plenty of experience and resources.
Marital Property Explained
If you are worried about dividing your assets with your spouse, your prime concern will be your marital property. According to equitable distribution laws in New Jersey, marital assets include all property you acquired after the marriage contract was signed. This might include real estate, stocks, precious metals, vehicles, boats, and of course, cash. If you started a business during the marriage, this business will also be considered a marital asset.
In the eyes of the law, both spouses have a roughly equal claim to these assets. However, this property is not split in a “50/50” manner – unlike so-called “community property” states. Instead, New Jersey follows a system of equitable distribution. This means that the courts consider various factors before dividing the marital property in an equitable manner. For example, a spouse might be awarded the family vehicle if they use it more often than the other spouse and need it for work.
What About Separate Property?
As the name suggests, separate property is kept separate from your marital assets. This means that they are not subject to the equitable distribution process, and you will not need to divide these assets with your ex. Separate property generally includes all of the property you acquired before the marriage contract was signed and after the date of separation. For example, you might have purchased a property before your marriage. Or perhaps you purchased Bitcoin after the date of the separation. You can keep these assets without having to divide them.
Enlist the Help of a Qualified Attorney Today
If you have been searching for a qualified, experienced divorce attorney in New Jersey, look no further than Giro, LLP, Attorneys at Law. Over the years, we have helped numerous spouses across the Garden State, and we know how important it is to hold onto assets you have worked hard to acquire. With our assistance, you can walk away from your marriage with minimal financial losses and confidently begin the next chapter of your life. Book your consultation today to learn more.