At Levine & Levine, we deal with divorce and property division every day. We understand that when a couple in the Morris County area decides to split up they not only end their marriage but they also create two completely separate households. That means everything will become separate, including their finances and their property. However, before a divorce is finalized the couple must come to a settlement on their property division.
This can be a complicated process, but there are certain laws in place that will play a role in determining how your property is divided. New Jersey is an equitable distribution state, which means that all marital property will be divided equally and fair. However, fair does not mean 50/50. It will actually be up to the court to decide what is considered fair and equitable in each individual case.
The first thing that will need to be determined is what property is eligible for division in the settlement. Anything that is considered martial property is subject to being divided by the court. Marital property is essentially anything that you acquire as a couple while you’re married. Even interest that you earn on property you owned before your marriage can be considered marital property.
Meantime, according to the Law Dictionary, even your inheritance can be considered marital property in a divorce. However, if you inherit property and you don’t use it for the advantage of your spouse, then the inheritance should remain solely in your possession.
Property division in divorce can always be complicated. If you have questions regarding property division, please visit our asset division page to learn more.