For many, going through a divorce is not only an emotional matter, but a legal one as well. As such, it’s imperative to understand what you can expect during these times to financially prepare for the future One thing you may be concerned about is what will happen to your inheritance. As such, the following blog explores how New Jersey handles property distribution and the different scenarios that can occur. Additionally, you’ll learn how Somerset County property distribution attorneys can assist you through these times to help you protect your best interests.
How Does New Jersey Divide Property?
When a couple divorces, there are two kinds of property they own – joint (also called martial) and separate. Joint property is anything obtained by either party during their marriage, whereas separate property is assets owned prior to the union or obtained in marriage through certain means. As such, things like income earned during your marriage or a home purchased with funds from you and your spouse are considered joint property.
New Jersey, like the majority of states, adheres to the equitable distribution method of dividing marital property. As such, all joint property is subject to distribution when a couple divorces. However, it’s important to understand that these assets aren’t always split evenly between the spouses, like in states that adhere to equal distribution methods. As such, the courts will consider each spouse’s financial and domestic contributions to the marriage to determine how these assets should be divided.
What Will Happen to My Inheritance?
When you receive an inheritance while married, it is almost always considered separate property. Though you acquired the assets during your marriage, because they were given to you in your name only, they are considered separate. As such, this property will not be divided when you and your spouse divorce.
However, this is only true if you keep these assets entirely separate from your other marital property. Any time you mix joint and separate property, it becomes joint property. As such, if you put your inheritance in a bank account shared by you and your spouse, it will be considered joint property because it has been co-mingled with marital assets. You will not be able to remove the funds you received in your inheritance before the account is divided between you and your spouse.
As such, taking the necessary steps to ensure you do not co-mingle your assets is critical, as it is one of the best ways to protect your property. However, if you are not yet married, you may want to create a prenuptial agreement that classifies your inheritance as separate property.
Divorce is a complex matter that, if handled incorrectly, can negatively impact you for years. As such, it is critical to ensure you take the necessary steps to protect yourself and your property by connecting with an experienced attorney who can help guide you through these complicated issues. At the Siragusa Law Firm, our team will do everything possible to assist you during these matters. Contact us today to learn more.
