Are you unsure what is considered marital property in a divorce? Watch this video by New Jersey property division attorney Bart Lombardo to learn more.
What is marital property?
If you’re here, you’re probably considering divorce in New Jersey. One of the questions that you might have is, “What is marital property?” In its simplest term, marital property is anything that was acquired by you and the spouse during the marriage. However, it’s important to note that not all things fit within marital property.For instance, if you had assets before your marriage, a house from a prior marriage, that would not be considered marital property and would not be subject to equitable distribution and division to your other spouse.
Likewise, if you were in the divorce process or were still married had obtained an inheritance, that would not be considered marital property either. Those types of properties are separate. Generally speaking, if it was earned by either spouse during the marriage, it is likely marital property. If it was acquired prior to the marriage or acquired by way of inheritance, generally it will not be marital property.
Are you or a loved one thinking about leaving a marriage and have questions about property purchased during marriage in New Jersey? Contact New Jersey divorce lawyer Bart W. Lombardo for a free confidential consultation and case evaluation. Let our experience work for you.
Like Us on Facebook