Are you getting a divorce, or thinking about getting a divorce? You are probably curious about how your assets will be divided amongst you once the divorce is final. There’s no way to know for sure until all the dust settles, but you should know what assets are up for debate. Assets that are redistributed in New Jersey are called marital assets. What’s considered a marital asset in New Jersey? Let Carvajal Law help you find out!
How Does NJ Decide If Something is a Marital Asset?
The simplest way to determine if something is a marital asset or not is if it was acquired during the marriage. It doesn’t matter which spouse acquired it, what does matter is that it was acquired during the marriage as a choice by one spouse or the other. We will get to gifts and inheritances in a moment.
It’s also worth noting that these assets should be acquired both legally and beneficially. If one spouse purchases illegal goods without the other spouse’s knowledge, this will not be considered a marital asset. This is done, in part, to keep one spouse from trying to punish the other spouse with potential jail time and or debt.
Are Assets From Before Marriage Ever Considered a Marital Asset?
This is where it can get tricky, especially when it comes to your marital home. We’ve written about this in more detail recently, but it comes down to how the assets were treated after the marriage. If both spouses contribute to the maintenance and/or payment of the asset, then it can be argued that the asset has become a marital asset. This more often applies to the marital home than anything else. However, it could also apply to other properties, assets, businesses, and more.
Do Gifts Count as Marital Assets?
Gifts can actually be a little complicated. If the gift was given to both of you, stated or implied, then it can be treated as a marital asset in New Jersey. Where this changes however is for gifts given to an individual. If someone bought your spouse a bicycle for their birthday, then that wouldn’t be considered a marital asset, it would be theirs.
However, if one spouse bought the other spouse that same bicycle for that same birthday, then that would be considered a marital asset as it was bought by one spouse for the other.
Read More: Is New Jersey a 50/50 Divorce State?
Are Inheritances Marital Assets?
Inheritances are treated the same way that gifts are. If one person is named, then that asset isn’t a marital asset. Again though, that can change if the unnamed spouse contributes to the value of that asset after it is received. Imagine a scenario where one spouse becomes the business manager of a business that was inherited by another spouse, and then that business grows in value. Here, the business might be considered a marital asset despite being an inheritance received by only one spouse.
New Jersey Divorce Attorney
If you are looking for a divorce in New Jersey whether it’s contested or uncontested, the law firm of Carvajal Law is here to help. From our location in North Bergen, we help people from all the surrounding communities including Jersey City, West New York, and all of Hudson County. Make sure you have an experienced family law attorney on your side.
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