When a couple decides to get a divorce, they will have to go through the equitable distribution process. This is essentially just the division of assets. Everything that has been acquired throughout the course of the marriage must be listed and the couple will have to determine who gets what. All of the assets that were acquired during the marriage is known as marital property. Marital property can include anything from a house to a car to a boat to a business and anything in between.
What is not considered in the equitable distribution process is known as separate property. This includes anything that is a gifted asset, any assets that were inherited but the spouses agreed that it is not considered marital property, and anything that was acquired individually before the marriage took place. Throughout the course of the marriage, if any assets were acquired but one spouse wants to keep it separate property, they will have to come up with a written agreement that officially designates the asset separate.
Marital property can get tricky if clear boundaries are not made when an asset was acquired, especially if it is part of a business or an inheritance. If you are unsure of whether or not an asset is considered marital or separate property, you should speak with an experienced divorce and family law attorney who can help you make this determination.
Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. Contact our firm for a consultation today.