When a couple gets married, their finances become entangled. Separating these assets can be extremely difficult. Some assets are more difficult to divide than others. Read on to learn more about distributing complex property during a New Jersey divorce.
Marital Property vs. Separate Property
In order to determine how your assets will be divided, you will first have to determine which of your assets are marital property and which are separate property. Marital property refers to the assets the couple acquired throughout their marriage. This can include real estate, cars, income, certain retirement or pension accounts, and more. Separate property consists of assets that were obtained by either party before the marriage, or during the marriage but were kept separate. This can include separate bank accounts, gifts, inheritances, and more. Separate property is usually untouched during a divorce. However, marital property is subject to equitable distribution.
What is Equitable Distribution?
In New Jersey, your assets will likely be divided through the process of equitable distribution. This means that your assets may not be divided 50/50, but rather they will split in a way that is fair to both parties.
What is Considered When Distributing Assets?
New Jersey courts consider different aspects in order to determine what is equitable. This can include the following:
- Property value
- Yearly income
- The established financial standard of living in the marriage
- The terms of any existing child custody agreement
What are Examples of Complex Property?
While there is a general formula when it comes to dividing marital assets, things can get difficult when it comes to complex property. Some examples of complex property include:
- Separate property improved via marital contributions
- Assets incorporated in prenuptial agreements
- Gifts, trusts, and individual inheritances
- Hidden assets
- Family businesses and partnerships
- Various real estate investments
- Jointly-owned assets, like time-share properties
- Executive compensation packages such as deferred income, stock options, restricted stock, and bonuses
- Retirement funds, pensions, 401k’s, IRA’s and any other long-term investment assets you may have accumulated over the course of your marriage
- Intellectual property like copyrights, patents, and trademarks
- Assets held in trusts
- Unique assets like antiques, collectibles, or jewelry
- Separate property that is now intertwined with marital property
If you have any questions or concerns about dividing complex property in New Jersey, contact our firm to speak with an experienced attorney.
Contact our Firm
We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928