The New Jersey family court handling your divorce case will distinguish your marital property from your separate property. This is because both property types will be handled differently in your upcoming property distribution proceedings. Without further ado, please continue reading to learn how the family court will handle your separate property in your divorce and how an experienced Morristown property distribution lawyer at Graves Andrews, LLC, can fight to protect the items that mean the most to you, monetarily and sentimentally.
What is supposed to happen to my separate property in a divorce?
First of all, your marital property is defined as any asset or debt either you or your spouse acquired throughout your marriage. That said, regardless of who holds the title or name on the asset or debt, it may be subject to the equitable distribution rule. Essentially, this rule has the New Jersey family court distribute eligible property between you and your spouse in a way considered fair and just, not necessarily even.
In turn, your separate property is usually classified as any asset or debt you obtained before your marriage. Or anything received during your marriage as a gift or an inheritance. Plus, anything gotten after your divorce filing date. Ultimately, this property will not go through the equitable distribution process, and you will get to keep it in your possession.
What happens if I commingled my separate property with my marital property?
You may have never anticipated getting a divorce from your spouse. So, you may have accidentally commingled your separate property with your marital property during your marriage. For example, say that you purchased a real estate property before meeting your spouse and eventually made it your primary residence when you married. While this may technically be your separate property, you and your spouse may have used your marital funds to renovate or remodel it, which inflated its market value.
Or, say that you inherited monetary funds from a close loved one who has sadly passed away. Well, you may have deposited these funds into a joint bank account you share with your spouse. Or, you may have used it to purchase a motor vehicle you titled in both of your names. In any of these scenarios, the New Jersey family court may have more difficulty distinguishing between your marital and separate property.
This is to say that your commingled assets and debts are more than likely to undergo the equitable distribution phase of your divorce case. This is unless you can adequately fulfill your burden of proof in establishing that this is your separate property that should remain under your ownership.
Before entering these proceedings, you should have already hired a skilled Morristown family law attorney to represent you. So, if you have not done so already, please contact Graves Andrews, LLC today.
