New Jersey Community Property Laws

The division of property, also known as equitable distribution, is a judicial division of property rights and obligations between spouses during divorce. This can be done by agreement, by property arrangement or by court order. New Jersey courts do not automatically divide matrimonial property in the middle, but use a system of equitable distribution that takes into account the following factors: dowry and comity abolished in respect of all property acquired after May 28, 1980 (3B:28-2); some rights exist in property acquired before that date (3B:28-1ff.) New Jersey has specific laws that determine what property can be divided in a divorce and what factors a judge can consider in doing so. If it is found that one spouse wasted matrimonial funds in a way that harmed the other spouse, the court may take punitive or remedial action by awarding the aggrieved spouse a higher percentage of the shared property. A fair distribution is not the same as an equal distribution. For example, upon dissolution of a marriage in which the woman remained a housewife for a substantial part of the marriage, a court may award the wife a share of more than 50 per cent of the property distributed as advance payment for her intended need to return to the labour market at a lower wage than she could have demanded if she had spent her time doing so. Gain work experience outside the home instead of working inside the home. Some individual assets may be considered “partial joint property” or even classified as wholly common property due to the other spouse`s contributions or the mixing of assets, which can lead to complicated situations of asset division. The first is to define which property is prenuptial. The law states that property before marriage is the property of the person who owned it before marriage. The most important thing is to keep these marital property separate as premarital property.

Keep it in your own name. If you mistake it for your spouse`s property or put it in your spouse`s name, it becomes a matrimonial. Other examples of property that would not be subject to equitable distribution include a gift, a settlement of personal injury or an inheritance. Like prenuptial property, these are assets that can become matrimonial if they are mixed. How we define a property as an asset or passive asset is also a very important issue. A New Jersey Property Division Order is a court order issued by a judge that outlines how property is to be divided between spouses after a divorce. A property division order is a binding legal obligation, and failure by one spouse to comply with the conditions can result in contempt of court charges. If your spouse does not comply with an order to divide assets, you can consult a family law lawyer to discuss possible legal options. Even if some objects acquired after marriage bear only the name of a spouse in the title, a court usually considers them to be matrimonial property. For example, a couple buys a house after being married for a few years, but only puts one person`s name on the title. The house can still be considered matrimonial property because it was purchased after the marriage. New Jersey is a fair distributive state.

Equality means fair and equitable. When the property is divided, it is not divided in two. The court divides the property on the basis of equity. A party may want a particular asset that has a lower financial value, but is personally more important. For example, a house in which children will continue to live. The court could offset this with pension money to the other party. Of the many aspects of divorce that New Jersey people are considering, dividing property is one of the most complicated. There are state laws that pretty much dictate how the process is conducted, although the courts have some discretion based on a number of factors. Another form of wealth distribution in divorce is called “joint distribution of wealth.” When you get married, property acquired during the marriage is usually called marital property. In contrast, property acquired by one of the spouses before the marriage as a gift or inheritance is called “separate property.” These assets remain separate after a divorce and the court will not distribute them to the other spouse. The concept of matrimonial property only becomes truly relevant when a couple divorces, as it is at the center of a major source of conflict – who gets what after the divorce? New Jersey has a list of legislated factors that determine what the court will use to determine an equitable distribution of ownership.

Examples of factors that are often considered in cases of division of property include: There is no community property in New Jersey. In other words, the concept of community property is not a recognized legal concept in New Jersey divorce cases. In New Jersey, the division of property during a divorce falls under the principles of equitable distribution. All marital property will be divided equally in the event of divorce in New Jersey. These assets include homes, pension funds, real estate, financial accounts and debts acquired during the marriage. It`s there to protect people. Take, for example, a spouse who stopped working to raise children. After divorce, this spouse may have no income or housing. A judge could look at this situation and divide the property in the best interests of all parties involved.