Spouses going through a divorce in New Jersey have many issues to sort out with their dissolving marriage. One of the big issues is who gets what in the property division process. Knowing what financial matters are involved can help ease the high emotions of a divorce.
Property that was acquired during the marriage, with a few exceptions, is considered marital property regardless of whose name it is under. The exceptions to this, which vary from state to state, may include property that was owned by either spouse prior to getting married, property stated in prenuptial agreements as separate, an inheritance received before or after the marriage that was not comingled with other marital assets, a gift either spouse received from a third party and money received for pain and suffering from a personal injury case that was not comingled with marital assets.
Typically, depending on state laws, all other property and money amassed during the marriage may be considered marital property. For spouses going through a divorce this can be a tremendous asset for their future. It is important for each spouse to investigate all property that was acquired during the marriage, regardless of whose name it was under. Many times, just because one spouse’s name is the only name on a house, car or 401(k), doesn’t mean the other spouse isn’t entitled to a portion of those properties.
Determining what assets each spouse is entitled to is especially important New Jersey, because New Jersey is an equitable distribution state. This means that when it comes to property division, the court will make its determination based on what it deems to be fair, and this may not always result in each spouse getting exactly one-half of the property. A legal professional can provide more information about how assets can be divided in a divorce settlement. With the right information people going through a divorce can come out of it with a stable outlook.
Source: Forbes, “Divorcing women: The truth about your husband’s 401(k) and other assets,” Jeff Landers, Aug. 8, 2013
