What is the difference between marital and separate property?
If a couple feels as though their marriage is simply not working anymore, they may file for divorce. Over the years, depending on how long they were married, the couple will likely have acquired a lot of assets. Of course, when divorce comes to fruition, those assets will have to be divided between the two spouses. This is done through a process known as equitable distribution, meaning that the assets and liabilities are divided fairly between the two parties. This does not always mean that the assets will be divided equally.
Before any assets can be divided, you will have to determine what property is separate and which property is marital. Marital property is any property, assets, and debts that the couple acquired together throughout the course of their marriage. Separate property is any assets or debts that each individual spouse acquired in their own name before they were married. There are also some things that the person may have acquired after they were married that can be considered separate property. This includes inheritances or gifts. If it was a monetary gift or inheritance, it may only be considered separate if it was kept in a separate account away from marital funds.
If you have questions about dividing your property in a divorce or how to start a divorce, contact our firm today.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.