Differences between marital and separate property in New Jersey
When a couple decides they want to get divorced in New Jersey, they will have to go through the equitable distribution process. This is simply the way that property and other assets are divided in a divorce. In order to begin the equitable distribution process, the couple will have to determine what property is marital and what property is separate.
Marital property is pretty self-explanatory. This is simply all of the property that was acquired throughout the course of the marriage. It is important to note that debts and liabilities are also considered in marital property.
Separate property is all of the property that each individual acquired prior to the time in which they were married. Sometimes, separate property can become marital property. In addition, certain assets that were acquired throughout the course of the marriage can remain separate. These include inheritances, injury awards, and gifts as long as they are kept in a separate bank account that only the receiving spouse has access to. It is important to verify with an attorney whether or not your property is marital or separate. Separate property is excluded from the equitable distribution process.
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