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New Jersey and various laws

 

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Sept 23 2020 updated info:

New Jersey has specific laws that determine what property may be divided in a divorce and the factors a judge may consider when doing so.

Of the many aspects of a divorce that people in New Jersey consider, the division of property is one of the most complicated. There are state laws that dictate roughly how the process goes, though the courts have some discretion based on a number of factors.

 

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 When you get married, property acquired during the marriage is generally called "marital property." In contrast, property that is acquired by one spouse before marriage, as a gift, or as an inheritance, is referred to as “separate property.” This property remains separate upon a divorce, and the court will not ..

 

New Jersey Marital Property Laws

When you get married, property acquired during the marriage is generally called "marital property." In contrast, property that is acquired by one spouse before marriage, as a gift, or as an inheritance, is referred to as “separate property.” This property remains separate upon a divorce, and the court will not distribute this property to the other spouse. The concept of marital property really only becomes relevant when a couple gets divorced, as it hits at the center of a main source of conflict -- who gets what after the divorce?

Marital and Community Property Basics

A few states recognize the concept of "community property," in which all property is considered to be jointly owned and subject to an even split, but most states (including New Jersey) do not. Instead, New Jersey follows a system of equitable distribution in which the court divides up assets in a manner it deems to be fair and reasonable. This may or may not consist of a 50/50 split of assets, depending on whether each party's interests are equitably represented.

For instance, a stay-at-home parent in New Jersey contributes a great deal for the family (and in support of their spouse) but isn't paid for this work. Equitable distribution states such as New Jersey recognize this when deciding, for example, who gets the house.

for the rest of the information check out: at Findlaw.com

 

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Marital Property: Who Owns What?

Here is some quotes from above article: please click on above link to get more information.

Who owns what property in a marriage, after divorce, or after a spouse's death depends on whether the couple lives in a common law property state or a community property state. During marriage, these classifications may seem trivial -- and typically aren't a factor -- but in the unfortunate events of divorce or death, these details become very important.

The following information will help you better understand who owns what with respect to marital property.

Marital Property and Common Law Property States

Most states are common law property states. So, what does it mean to live in a common law property state and who owns what after a divorce? The term "common law" is simply a term used to determine the ownership of marital property (property acquired during marriage). The common law system provides that property acquired by one member of a married couple is owned completely and solely by that person.

Of course, if the title or deed to a piece of property is put in the names of both spouses, however, then that property would belong to both spouses. If both spouses' names are on the title, each owns a one-half interest.

Example: If George buys a car and puts it only in his name, that car belongs only to George. If George buys a car and puts it in both he and his husband Bob's name, then the car belongs to both of them.

 

 

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