Marital property in New Jersey refers to any property that’s acquired by the couple during the marriage. It can be exciting to purchase homes and cars with your spouse when you first get married, but it can be hard to decide what happens with that property in a divorce.
What’s considered marital property?
New Jersey law states that any property acquired by either party during the marriage could be considered marital property. This means even if you purchased them individually your spouse might have a right to them in the divorce.
This doesn’t apply to inheritances or gifts given to one individual in the marriage. This means that the ex-spouse doesn’t have any right to their spouse’s inheritance during the divorce.
How does New Jersey handle marital property in divorces?
New Jersey follows the rule of equitable distribution. This means that the court will divide the property in a way that makes sense based on each couple’s background and the circumstances surrounding the divorce.
Equitable distribution doesn’t always mean equal distribution though. Instead, the court makes sure that neither spouse has an overtly diminished quality of life from the divorce rulings.
This also protects stay-at-home spouses who may have contributed a lot to the marriage but don’t have the same financial earning power. Parents who have full-time custody of the children might also get more in the divorce because caring for children costs money.
What factors do they look at?
Overall, the court will look at a variety of factors before making a decision on who gets what property. These factors include each person’s income and future earning potential, debts as well as the duration and quality of the marriage.
It can be hard to determine who gets what property, but it’s important to prevent all relevant facts and information to the court. This will allow them to make a fair decision.