When a couple decides to get married, they bring together not just their love and commitment, but also their assets and liabilities.
In the unfortunate event of a divorce, one of the most contentious issues is the division of property acquired during the marriage.
However, what happens to premarital property in a New Jersey divorce?
Under New Jersey's equitable distribution laws, property acquired during the marriage is subject to division, but premarital property is generally considered separate property and is not subject to division.
Separate property is any property acquired by one spouse prior to the marriage, as well as any property acquired during the marriage by gift, bequest, devise, or descent.
However, the treatment of premarital property is not always straightforward.
If premarital property was commingled with marital property, it may lose its separate status and become subject to equitable distribution.
For example, if a spouse owned a house prior to the marriage, but the mortgage payments were made from the marital bank account, the house may be subject to division.
Additionally, if the increase in value of premarital property is due to the active efforts or contributions of the other spouse, that increase may be subject to division.
For instance, if one spouse owned a business before the marriage, but the other spouse worked in the business and helped it grow during the marriage, the increase in value of the business may be subject to equitable distribution.
In conclusion, the treatment of premarital property under New Jersey equitable distribution laws can be complex and depend on the specific circumstances of each case.
If you are going through a divorce and have questions about how your premarital property may be affected, it is essential to consult with an experienced family law attorney.
All in all, it is important to make sure that you are taking the necessary steps to keep your pre-marital assets safe in cases such as divorce.
This means keeping these assets separate from those owned by your spouse, and not giving away any part of your premarital property by putting your spouse's name on it.
Being aware of how to protect these assets during the divorce process could save you a great deal of headache later on.
If you find yourself in this position, discuss it with an experienced family law attorney.
If you are thinking about issues of premarital property, it is possible that you are also considering separating or filing for divorce.
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Until next time,
Steve
Steven J. Kaplan, Esq.
Specializing In Divorce
Throughout New Jersey
5 Professional Circle
Colts Neck, NJ. 07722
www.KaplanDivorce.com
(732) 845-9010