If you are going through a divorce, you will also have to go through the stressful process of dividing your marital assets. During this time, you may encounter several issues with marital property. Our experienced Jersey City property settlement lawyer explains some of the most frequently asked questions.
Issues with Marital Property | Understanding Marital Property
One of the most frequently asked questions when parties are in a consultation for divorce is, “What is marital property?” Marital property starts on the date your marriage occurs and continues until the date the divorce is filed. That does not mean the date the divorce is granted, but the date one of the parties actually files a divorce complaint. With few exceptions, any property acquired during the course of the marriage is generally considered to be marital property, and it’s generally presumed to be split 50/50.New Jersey, however, is a state that follows equitable distribution principles. That simply means “what is fair between the parties.” That will usually be 50/50; but it doesn’t have to be. If, for instance, one party has squandered the resources acquired during the marriage, the funds acquired during the marriage, a court may decide that party is not entitled to an equal split of the remaining assets. There are different factors. I once had a case where one of the spouses was carrying on an affair and paying for such things as hotel rooms, vacations, and plane tickets. In that instance, the court decided that the marital assets should not be split 50/50, taking into account the fact that many of the resources of the marriage had been given to a third person.
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Issues with Marital Property | Spouse Hiding Assets
One question I’m frequently asked is, “What if I believe that my spouse is hiding assets?” That can be a very serious situation, particularly if you believe that the lifestyle of the marriage was such that your spouse – based on the income they’re now claiming to earn – could not possibly have been able to sustain the lifestyle of the marriage. You will probably need to have some investigation done to learn whether your spouse possesses other assets that have not been disclosed.
Issues with Marital Property | Locating Your Spouse’s Assets
In New Jersey, one of the factors that sometimes comes into a divorce is whether a spouse is hiding assets or has assets overseas. Generally speaking, if it’s a high asset divorce, you’re going to have to do an asset search of the other party. Or, both parties may have to do an asset search of each other to find hidden assets. Assets overseas generally can be subject to a New Jersey divorce, but again this is dependent on the fact specific to each case. Some countries may not honor a divorce decree or court order from New Jersey or, for that matter, the United States. You will need to hire an experienced attorney to help with this process.
If you are having any issues with marital property or divorce settlements in New Jersey, please contact us today for a free initial consultation.