What to Know About Marital Property Vs. Separate Property in NJ Divorce

What to Know About Marital Property Vs. Separate Property in NJ Divorce

When spouses get divorced, courts will often divide their assets into marital property and separate property in the equitable distribution process. Please continue reading and speak with our New Jersey divorce attorneys to learn more about the difference between marital and separate property and how our firm can help fight for what is rightfully yours. Here are some of the questions you may have:

What is marital property?

Marital property essentially encompasses all property that was acquired during the course of a marriage. Some examples of marital property include yearly incomes, cars, furniture, houses, collectibles, retirement/pension accounts, and more. In most cases, when spouses divorce, marital property is subject to equitable distribution, which essentially means that courts will divide that property between both spouses.

What is separate property?

On the other hand, separate property is generally considered property that an individual obtained either outside of or before marriage. Some examples of separate property include gifts given by others to an individual, inheritances, compensation obtained for personal injuries during a marriage, and more. In most cases, separate property is exempt from the equitable distribution process, however, this is not always the case. This is why if you are entering the equitable distribution process, you must retain the services of a knowledgeable New Jersey divorce attorney who can work to fight for what is rightfully yours. Our firm is always here to help.

Is there a way to protect my property from a divorce?

Fortunately, there is. If you are not yet married, you and your spouse can draft what is known as a prenuptial agreement. A prenuptial agreement can outline exactly what will happen with various assets, should you ever get divorced. These documents are wonderful tools that help future spouses all over the country preserve their hard-earned assets and attain the peace of mind they deserve. If you are already married, while you may not draft a prenuptial agreement, you are still eligible to draft a postnuptial agreement, which essentially serves the same purpose, though it is drafted exclusively after marriage. If you are looking to draft a prenuptial or postnuptial agreement, or you are about to enter the equitable distribution process, our firm is ready to assist you. Give us a call today.

Contact our experienced Bergen County firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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