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Defining Marital Property

Cherry Hill Equitable Distribution of Property Lawyer Knowledgeable New Jersey Divorce Lawyer Helps Protect You by Identifying Marital Assets

Make no mistake about it, when a couple decides to get divorced, there’s plenty of baggage to sort through. Some of it is emotional drama, of course. However, most of it gets categorized as “wealth” or “assets.” The issues of “who owns what” and “who should walk away with what” are the focal points of many cantankerous divorce negotiations.

You need a compassionate, yet aggressive, divorce lawyer on your side of the negotiation table when you are working out complicated issues like equitable distribution of assets and debts. Call Ron Graziano today for a consultation about your personal situation.

How Do New Jersey Courts Define “Marital Property?”

The first thing a judge will want to know when deciding which assets go to which spouse is which items are categorized as “marital property” and what’s “separate property.”

Simply put, marital property is all property accumulated during the marriage — whether purchased or earned. Even if you bought a car during the marriage and only put one of your names on the title, NJ family courts will view that car as marital property. In fact, even gifts given to one another during the marriage are considered marital property. The only exception to this rule is the engagement ring. NJ judges generally view engagement rings as property of the wife.

On the other hand, “separate property” are assets that one spouse possesses; they are assets owned before you said “I do” or after one of you filed for divorce. Also included in the separate property category are gifts you received during the marriage from anyone other than your spouse. For example, if you mother bought you a car, it can be reasoned that you are the sole owner of that car. Similarly, if you received an inheritance during the course of your marriage, that would be considered separate property. It should be noted that any interest or appreciation in value from separate property also belongs to the owner of that property.

Of course, these laws are complicated and there are exceptions to every rule. That’s why it’s critically important to hire a family lawyer who is current with asset distribution laws in New Jersey and who will protect your rights and assets.

What Are the Factors Used to Equitably Distribute Marital Property?

The reason it’s important to divide assets into “marital property” and “separate property” is that, generally speaking, a judge cannot award any part of separate property to your spouse in divorce negotiations. However, marital property must be equitably divided. Remember, equitable in this case means fair — not necessarily equal. Debts are also divided in very much the same way. The judge will consider the following issues when dividing debts and assets:

  • How long the marriage lasted
  • The health and ages of both spouses
  • What type of property needs to be distributed
  • The standard of living the couple enjoyed while marriage
  • Current economic circumstances of both spouses at the time of divorce
  • Each spouse’s future earning capacity (based on education and experience in field)
  • How much each spouse contributed to the marital home and acquisition of assets
  • The tax liabilities of assets distributed
  • Which spouse will be remaining in the family home
  • Current and future medical expenses of each spouse
  • Anything else that seems relevant to the division of assets

One thing that will have little to no impact on how a judge divides assets is infidelity. While you have every right to be hurt and angry at your spouse for having an affair, marital indiscretions are not a relevant factor when it comes to dividing assets. On the other hand, if you are able to prove that your spouse’s infidelity is directly tied to debt, a judge may decide to absolve you of responsibility for that debt.

Contact a Knowledgeable Asset Distribution Lawyer Who Will Protect What’s Yours During Divorce

Camden County family attorney Ronald Graziano will fight to protect your assets during divorce negotiations. If there are certain things you want to keep, such as jewelry or a vacation home, talk to us about these items. Further, you are entitled to your fair share of retirement savings and other investments accumulated during the course of your marriage.

Contact the Cherry Hill, New Jersey office of Graziano & Flynn today for a confidential consultation about your divorce. We’re on your side every step of the way.

Client Reviews
★★★★★
Robyn made the divorce process bearable by making sure I was ok every step of the way. She was a fighter when she needed to be and compassionate the rest of the time. The thing I liked best about her is that she was encouraging when I needed to get my end of the work done. She was reasonably priced and worked hard to get my case settled. I have since recommended her to 3 other friends who have retained her services. Ana Z.
★★★★★
Attorney Graziano is one of the brightest and most compassionate professionals which anyone could work with! He is a great advocate and is extremely knowledgable of the judicial system. He made a very unpleasant legal situation a pleasant journey, and he helped keep things in perspective and in a positive light. I fully recommend him without reservation! Danielle
★★★★★
After a divorce, my ex-husband was not keeping up with his scheduled child support payments. With the help and knowledge of Robyn Flynn, I was able to resolve this issue. Being a single mother of three children, Robyn Flynn made me a priority. I felt respected by her always keeping me informed and encouraged. She was not only my lawyer, but a friend during a very stressful time in my life. I would never use another attorney other than Robyn Flynn and highly recommend her to my friends as a trustworthy, professional and experienced lawyer. Anna H.
★★★★★
It seemed like my case took forever but I trusted Ron Grazaino and listened to what he had to say. Mr Graziano said that the insurance company was not being fair and that we should go to trial. The trial was very nerve racking however he eased my mind and killed them with proof and knowledge. My outcome of my trial brought me to tears of joy. I could never imagine such a good outcome. Listen to him, have faith and you too will be impressed. Robin
★★★★★
Robyn is an excellent litigator and educated/guided me throughout my divorce. She is incredibly gifted in managing your case and fighting for you with opposing consul. Through the dark days she kept me going and helped me get the results me and my children deserved. Chris K.
★★★★★
Ron is an extremely trustworthy lawyer. Listen to what he says and have faith in him, you will be as impressed as I am! I couldn't have dreamed of a better outcome in my case. I wouldn't have wanted anyone else to represent me, I highly recommend him to anyone looking for an amazing lawyer!!
His staff is amazing as well!!
Gia

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