Tag Archive for: marital property

Post-Season Financial Preparedness: Who Owns the Holiday Gifts?

holiday gifts and divorce

If you were lucky enough to receive a particularly high-value gift over the holiday season, and you are also married or soon-to-be-married, then you may want to take a moment to consider the ownership of that gift. While no one wants to think about the possibility of divorce during happy times, those happy times often present the best opportunity for planning. Financial preparedness is like insurance—if you wait to think about it until you need it, you could be too late.

So what are the rules in New Jersey regarding gifts and divorce? Read more

What Happens To The Year-End Bonus When You File For Divorce?

Stack of Cash With Red Bow Isolated on White

Back in September, Lucas and Joanne called it quits and decided to end their 15-year marriage. The New Jersey couple is currently separated, with plans to move forward with filing for divorce in January, once the holidays are over (waiting was Joanne’s idea because, as she explained Lucas, she didn’t need the added stress). Over the past few months, Lucas and Joanne have have had very little contact with each other, especially since each party established their own bank accounts as soon as they decided to separate. For all intents and purposes, except for the official paperwork, Joanne and Lucas are living like a divorced couple.

In late December, Lucas receives a year-end bonus at his job. Because his company had a successful year, the amount of the bonus turns out to be a considerable windfall. Before Lucas deposits the check in his personal back account, he thinks about the divorce he will be filing for in mere days, and how this money may come into play. Is this money — received after he and his wife separated — considered marital or separate property? If his wife can lay claim to it, how much will she get? Will this money mean a higher alimony payment? And what if Lucas holds off on depositing the money until after he files for divorce… would that be a loophole to keep it safe? Read more

Liquidate or Keep the House? What’s Best for Your Divorce 

divorce settlement assets

When it comes to dividing assets in divorce, the issue of “what happens to the house?” is usually one of the most contentious and emotional issues a couple must address in reaching a settlement. Why is the house such a big deal? In most marriages, real estate, in the form of the family home, represents the largest jointly owned asset up for division. Secondly, but of no less equal importance, can be the emotional attachment many feel with their home, especially if they are raising children. Read more

Asset Division: Making A List Of Marital Property

When you are asked as part of your divorce to make a list of all marital (jointly owned) property, what should you include? Every couple will have a unique set of assets to list, from the family home to home electronics. If you are just getting started, here’s a quick rundown of common items to include as you gear up to divide marital assets. Read more

Telling The Difference Between Marital & Separate Property

When you divorce in New Jersey, it’s the state’s equitable distribution law that lays the basis for how a couple’s property is to be divided. Under New Jersey equitable distribution, property is classified as belonging to one of two categories, either it’s marital property, which is property considered owned by both you and your spouse; or it’s separate or non-marital property, which means it is something considered to belong to you or your spouse individually.

How can tell the difference between the two? Here are 10 quick and general guidelines for helping to determine whether the asset — or debt! — is marital or separate/non-marital property. Read more