When a couple gets divorced, they will have to go through the equitable distribution process to divide their assets. This process can quickly become very confusing, frustrating, and emotional. The couple will have to determine which property was theirs prior to the marriage and which property was acquired during the course of the marriage.
Marital property is everything that the couple came to own after they were married. Anything that they owned beforehand is considered separate property. However, there are situations in which separate property can become marital property, which a lot of people fail to realize.
For example, in the event that one spouse were to receive a monetary inheritance and they put that money in a joint account with the other spouse, it is no longer separate property and is considered marital. However, if the spouse kept that inheritance money in a bank account in their name only, it is considered separate property.
Once you have determined which property is marital and which is separate, you may have to get all of that property appraised. It is also important to note that during the equitable distribution process, debts and other liabilities are also included in the division in the same way assets are.
If you have any questions about starting the divorce process or how assets and liabilities are divided, please feel free to contact our firm today.
The Radol Law Firm is proud to serve the people of New Jersey in their divorce and family law, elder law, estate planning, and bankruptcy matters. Contact our firm today to schedule a consultation.