Can I Lose My Inheritance in a Divorce in New Jersey?
Assets are often a highly contested issue during divorce proceedings. When it comes to inherited assets, couples are often unsure about whether or not they can be taken away during a divorce. To learn more, read on and speak with our experienced and dedicated Morris County, New Jersey divorce attorneys today.
Can my inheritance be subject to equitable distribution in New Jersey?
In the state of New Jersey, a couple’s assets are typically allocated by courts through a process called equitable distribution. It is important to understand that this is known as a fair division of assets, which insinuates that it is not inevitably equal. In order for a court to determine what is fair, a court will first establish what is marital property and what is separate property. Separate property refers to assets that were acquired before the marriage, while marital property refers to assets that have been acquired during the marriage. In the state of New Jersey, courts have determined that inherited assets are considered separate property. This means that inheritances are not subject to equitable distribution and cannot be transferred to the other spouse during a divorce.
It is important to recognize the exception to this rule. In some cases, separate property can become marital property in the event that it is converted. Essentially, this means if an inherited asset is mixed with a marital asset, it is no longer exempt. For instance, if the inheritance is deposited into a joint account with a spouse, it can be subject to equitable distribution.
To learn more about inherited assets and equitable distribution, do not wait to reach out to our skilled Morris County, New Jersey divorce lawyers. Our legal team is prepared to help you obtain the information you need.
Can inherited assets be used for support?
As previously stated, in most instances, inherited assets are exempt from equitable distribution. However, you will want to note that an inheritance can be applied in other situations, such as support. For example, this may be the case if the spouse who has obtained an inheritance is required to make support payments, such as alimony or child support.
If you have questions about whether inherited assets can be used for support payments, it is in your best interest to reach out to our experienced New Jersey divorce attorneys today to learn more. Our legal team is here to help.
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