Property division may be one of the most difficult issues to tackle during divorce proceedings. People often become attached to certain property items or objects that they have accumulated during the marriage. Yet, all marital property is eligible for division between couples once the marriage is terminated.
In some cases, the couple can negotiate terms of property division through mediation. More complicated cases, on the other hand, require the assistance of court-appointed judges. In either instance, both parties are required to disclose all of the marital property in their possession.
Equitable division of marital property
New Jersey, like many other states in the nation, uses the equitable division of property model when separating property in the final settlement. This means that marital property and assets are not divided equally in half between the parties involved. Instead, the judge determines who gets what after careful consideration of certain factors, such as how long the marriage lasted, and who contributed what to the marriage.
Account for all martial property
Property and/or vehicles are considered marital if the title contains the name of both parties. Yet, there are many other items that may be overlooked when it comes time to take inventory of the property and assets amassed during the marriage.
Marital property may also include the following:
- Memberships to exclusive golf courses and country clubs
- Intellectual property, such as patents, trademarks and copyrights
- Travel rewards points and miles
- Collectibles, such as antiques, classic cars, coins and art
- 401k plans, retirements plans, stocks, pensions and term life insurance policies
- Gifts exchanged between spouses during the marriage
If either party lent money or property to another person during the marriage, that money or property is eligible for division in the settlement as well.