Protecting Your Financial Interests In Divorce
No matter if your divorce is amicable or acrimonious, when it comes to the division of property, divorce proceedings can become complicated. Identifying separate and marital property is important to establish what you can stand to gain or lose in a divorce. Having an experienced attorney can help you navigate the divorce court system, determine your marital property and protect your financial interests to help you get the best possible outcome for your case. We serve clients in New York and New Jersey.
What Would Be Considered Separate Property?
Much of the property that you accrued before marriage may be determined to be separate property and not subject to marital asset division. There are also exceptions to property acquired during marriage that may cause it to be deemed separate property.
- Premarital assets — Property or other assets that you owned before marriage will most likely be considered your separate property by the court and not subject to court division. This can also extend to property such as antiques acquired before marriage.
- Inherited property — Property, money or other assets that are inherited even during your marriage will most likely be ruled by the courts to be nonmarital property and not subject to distribution.
- Gifts — Gifts received during your marriage are yours and do not have to be split with your ex.
Assets Considered Marital Property
Assets that fall under the category of marital property will often be subject to distribution by the court system and usually must be split with your ex-spouse. Most items that are considered to be marital property or assets are assets that are acquired or paid for during your marriage. Common marital assets include:
- The family home — Since both parties are responsible for the home during the marriage, it is considered marital property and is subject to division even if the home is only in one spouse’s name.
- Property acquired during the marriage — Cars, furniture, boats, antiques and other property that is purchased during the marriage is often considered marital property and can be divided accordingly.
- Retirement accounts — Since most retirement funds are accrued during one’s marriage, the money in retirement accounts is considered community property and subject to division by the court.
Consult With An Experienced Marital Property Division Lawyer
If you live in the New Jersey or New York area and are going through a divorce, hiring an experienced attorney is vital to ensuring that your financial rights are protected. Contact the experienced lawyers at Foster & Mazzie LLC to help you navigate the divorce court system and protect your property rights.