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Can I Keep My Inheritance During a New Jersey Divorce?

Divorcing isn’t as easy as signing a piece of paper and going separate ways. In reality, this is an incredibly complex emotional, financial, and legal process. One thing you may have concerns about during this process is your inheritance and whether or not your spouse is entitled to a portion of the funds. If this reflects your circumstances, you’ll want to keep reading. You’ll learn how New Jersey property division attorneys can help you through these matters to protect your best interest and your assets.

How Does New Jersey Hanlde Property During Divorces?

It’s first important to understand that when you are married, you will generally own two kinds of assets – marital and separate. Martial property, also called joint property, is anything you obtain during your marriage, like income or contributions to a retirement fund, and any assets you and your spouse own together, like a house or car. Separate property is anything you owned before the marriage or after you have separated that is in your name only.

During a divorce, only marital assets are divided between the couple. However, it is critical to note that separate property, if co-mingled with other assets, can become marital property. If this occurs, the courts will divide it with the rest of the joint assets. For example, if you owned a separate piece of real estate before your marriage but used funds from a joint bank account with your spouse to renovate the property, it would be considered marital property.

Assets that are split are done so following New Jersey’s equitable distribution standard. Most couples assume that all property will be divided evenly, which is not always true. The state will consider several factors, like each spouse’s contribution to the marriage, how long they were married, and tax consequences to divide property fairly. As such, property may not be split evenly between the parties.

What Will Happen to My Inheritance?

Though separate property is primarily comprised of assets owned before or after the marriage, there are exceptions. Generally, receiving a gift in your name only while married will be considered separate property. The same goes for an inheritance received during the relationship. As such, your spouse is not entitled to a portion of your inheritance, provided you do not co-mingle it with other assets during your marriage.

While it is not required to have an attorney represent you for your divorce, it is in your best interest to do so. Unfortunately, many try to navigate this process on their own, which can have unfavorable outcomes. However, working with a lawyer can help you know what property is joint and separate so you can best prepare for life after your divorce.

When you’re ready to file, Haber Silver Russoniello & Dunn is ready to help. We understand how complicated these matters can be, which is why we are here to assist you with any issues you may face during this time. Connect with our team today to learn how we can represent you and fight for your best interest.

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