Divorce has many practical consequences that couples must think about as they prepare to go their separate ways. As they are physically and emotionally separated, they must also separate their shares in their joint marital assets. What happens to the family home? What about joint accounts and joint credit cards? And the vacation home in the Caribbean? And that valuable painting that one of the spouses received as a personal gift? Having a premarital agreement that provides for the disposition of property at the end of a marriage can be useful, but sometimes, even a premarital agreement falls short in anticipating the complications that can arise when couples face the reality of a divorce. That’s why you need a Lvingstn division of property lawyer on your side.
Why Choose A Livingston Division Of Property Attorney?
Nitti & Nitti has been helping clients in New Jersey navigate complex divorce cases for over 30 years.
At Nitti & Nitti, our law firm has the resources and insight to help you successfully navigate complex family law issues and pursue favorable results.
We understand how demanding and emotionally exhausting divorces can be. For this reason, we provide skilled counsel with a personal touch, working closely with you to protect your interests and create customized solutions.
Our goal is to help you resolve your concerns in an efficient and effective manner – without wasting your valuable time and money.
If you are overwhelmed and have questions about the equitable distribution of your marital property, we can help you. Call us at (973) 226-4141 for your free consultation.
Is My Inheritance Part of Marital Property?
It is natural to feel anxious about losing your inheritance because of a divorce. Sometimes it is not clear what funds are exempt from distribution as marital property. Generally, any property, real, personal, or otherwise, which is received by one spouse as a gift or inheritance is not included in equitable distribution. But sometimes the property waters get muddied when couples commingle their finances. If one spouse deposits part of their inheritance into an account created for marital expenses, does that money remain exempt? Can those funds be deducted when calculating the total value of the marital property? Unfortunately, that part of the inheritance will constitute marital property and will be subject to distribution.
Under New Jersey law, unless a spouse segregates their exempt funds or takes steps to preserve the separate character of their exempt funds, they will be included in the marital estate. A gift to one spouse is subject to distribution if it is deposited into an account with other non-exempt funds and used to maintain the family’s lifestyle. To avoid this outcome, the spouse who deposited their exempt money into an account designated as a family account must give evidence to prove that there was an unequivocal intent to separate the exempt funds.
Determining the Value of Marital Property
The goal of equitable distribution is not to achieve equality, but rather to achieve fairness and equity in the circumstance. To do that the court will engage in a three-step analysis to determine what assets are subject to equitable distribution; the value of those assets; and how to equitably allocate the assets between the parties.
After determining the assets that are subject to equitable distribution, determining the value of those assets is very crucial to the analysis. The court relies on the parties’ evidence as to the value of the assets to be distributed. Presenting competent evidence requires the expertise of property valuers, estate agents, and other financial experts. A competent division of property attorneys will have access to such experts to get you the evidence that will ensure that you receive a fair and just outcome.
Contact A Livingston Division Of Property Lawyer Today
If you need a division of property attorneys in Livingston, call us at (973) 226-4141 or click here to schedule your free consultation.
