When a couple decides to divorce or dissolve their civil union, everything the spouses own must be classified as either separate or marital property. Inherited money and property is an important element in this determination. Although the court will equitably divide the marital assets, according to New Jersey statute N.J.S.A. 2A:34-23(h), money or property inherited during the marriage by just one spouse isn’t usually considered marital property, so it isn’t divided during the divorce. So, in short, you do not have […]
Tag Archive: Are Any of My Assets Protected During Divorce?
Not everything turns out as expected, especially when it comes to relationships and marriage. The invitations have been sent, the deposit paid on the venue, the catering menu is in its final touches when everything grinds to a screeching halt, and the engagement is over. What a catastrophe! Obviously, the groom-no-more gets the engagement ring back, right? The answer is both yes and no. Let’s take a look at what the New Jersey Courts have said about this. Not everything […]
When going through the divorce process, a major concern for almost all individuals is how their assets will be divided. New Jersey adheres to equitable distribution laws which means that division of assets is done equitably (fairly), but not necessarily 50/50. A litany of considerations may come into play when determining if any of your assets are protected from equitable distribution during your divorce. Today, our Passaic County attorneys will identify some of these factors and discuss how they may impact your equitable […]