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Tag Archives: assets

Marital Property Laws In New Jersey

The rules regarding the division of a couple’s assets during a divorce vary from state to state. Community property states divide marital assets equally between the spouses regardless of their financial situations, but New Jersey is what is called an equitable distribution state. In New Jersey, the court will divide marital property in a manner that seems fair and reasonable.

Before making a decision regarding asset division, the court must first settle the matter of which assets are considered marital property and which assets are considered separate property. Generally speaking, assets acquired during the marriage will be considered marital property, and assets owned by either spouse prior to the marriage will be considered separate property. However, assets received as a gift or through inheritance may be considered separate property even if they were acquired during the marriage.

When deciding how to divide marital property, the court will consider how long a couple was married and how much each spouse contributed to the marriage. Close attention will also be paid to the financial position of each spouse. Additionally, the court will look at how old the spouses are and the conditions of their health as well as their standards of living.

An important step in the division of marital property in New Jersey is spouses reaching a consensus regarding the value of the marital assets. This is especially true for assets of high value such as a primary residence or other piece of real estate. A family law attorney will likely be aware that the perceived value of such assets may be out of touch with current market conditions, and they may be able to approach this delicate area in a way that helps prevent a contentious dispute developing between the parties involved.

Source: Findlaw, “New Jersey Marital Property Laws“, October 29, 2014

Common Financial Mistakes People Make During Divorce

It is not uncommon for one person in a married couple to handle the household finances. In the event of a divorce, this person often has an advantage over their partner. Due to a lack of knowledge or experience, some spouses in New Jersey make significant mistakes during a divorce that could have long-term financial… Continue Reading

Fighting For Pet Custody Is No Laughing Matter

As more people in New Jersey and around the country are waiting to have children when they are older and more households are adopting pets, it isn’t a surprise that there’s been an increase in divorcing couples fighting over who gets to keep the animals. Melanie Griffith and Antonio Banderas publicly fought over their dogs… Continue Reading

Protection Via A Domestic Trust

While some New Jersey individuals may use domestic asset protection trusts to protect them from other creditors, some individuals are discovering new uses for them. One new use is to protect a person’s assets in the event of divorce. Domestic asset protection trusts are different from revocable trusts because they are irrevocable. With a revocable… Continue Reading

Divorce Over The Age Of 50 More Common

New Jersey may be affected by a growing divorce trend. According to a recent article, about 20 years ago, only 10 percent of divorced couples were over the age of 50. Now, about 25 percent of divorced couples are part of that age group. Divorce can be detrimental to the financial situations of individuals who… Continue Reading

Podesta Alleges Misconduct In Divorce

In some New Jersey divorce cases, allegations are made that one party has acted improperly during the course of the marriage. Such was the case for the Podestas, who announced their pending divorce on April 3. Tony Podesta, who is the brother of John Podesta who served as Bill Clinton’s White House chief of staff,… Continue Reading

Health Insurance No Longer A Major Factor In Divorce

The Affordable Care Act is changing the way some people in New Jersey work through a divorce settlement and negotiate the end of a marriage. For example, during 2013, a couple could jointly earn too much to qualify for ACA credits. However, if the couple divorces the next year, one of them could possibly qualify… Continue Reading

Practical Advice On How Divorce Affects Home Liens

New Jersey couples who are considering divorce may be interested to hear the recommendations of a debt advisor from a recent online advice column. A reader of the advice column was recently interested to learn about the current rules regarding home debt liens after divorce. The scenario described a situation in which a lien had… Continue Reading

Pet Custody In A Divorce

Families in New Jersey and nationwide might consider their pets to be members of their families. Many pets are loved as though they are additional children. If a couple decides to split, controversy might arise over who gets to keep the pet during the divorce proceedings and after they are finalized. Just because an individual… Continue Reading

Post Nuptial Agreements Becoming Common

New Jersey residents are aware that prenuptial agreements can be made that determine how divorce proceedings will go if a couple splits up. It has been generally held that once a couple is married, if they do not have a prenup and they get a divorce, it will be up to lawyers and the court… Continue Reading

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