Can I Keep Presents I Received When I Get a Divorce?

Unfortunately, one aspect of divorce that many underestimate is the complexities of property division. Determining which spouse is entitled to what assets can be difficult, as there are many factors that influence this matter. As such, you may be unsure of what will happen to the presents and gifts you’ve received over the course of your marriage. If you’re worried about this property, you’ll want to keep reading. The following blog explores what you can expect during these matters and the importance of working with New Jersey property division attorneys to help you fight for the assets you deserve.

How Is Property Divided in a New Jersey Divorce?

It’s important to understand that when you and your spouse file for divorce, your property will be divided based on a number of circumstances. Generally, you’ll find that the first course of action is to determine what assets are marital property and which are considered separate property. During a divorce, only marital assets are divided. Generally, a marital asset is anything obtained during the course of the marriage, regardless of who the “official” owner is. For example, if you purchase a house after you are married but only your name is on the deed, it will still be considered marital property.

Separate property includes anything obtained before or after the marriage. For example, if you owned a beach house before you were married, it would remain your sole property. However, separate property can become marital property if it is co-mingled. For example, if you use funds from a joint bank account to pay for renovations to the beach home, it would likely then be considered marital property and subject to division.

Once you’ve determined what property is marital, it will be subject to New Jersey’s equitable distribution method for dividing joint assets. Essentially, this means the courts will divide marital property based on each spouse’s contributions to the marriage, rather than automatically dividing assets evenly. As such, you and your spouse may not receive an equal distribution of property.

What Happens to Presents Exchanged?

It’s important to understand that presents can be considered marital or separate property based on the circumstances in which they were given. If you and your spouse exchanged gifts, they would be considered marital property. This is because it was obtained during your marriage. For example, if you gift your spouse a ring, it will be considered a joint asset and subject to distribution. While your spouse may not want the ring itself, the court may award them an asset of similar value in exchange.

However, if you receive a gift from someone other than your spouse, like a friend or family member, it will likely remain your sole property, so long as it was only addressed to you. This includes inheritances. Gifts given from a third party to both spouses are considered marital property in New Jersey and will thus be subject to distribution during your divorce.

Property division is often one of the most contentious aspects of divorce, as both spouses may feel entitled to certain assets. One spouse may believe a present to be marital property while the other believes it is separate, which can cause conflict and delays. As such, working with an experienced attorney can help ensure that the status of assets is determined to ensure both spouses can receive a fair outcome. When you need help, the team at Haber Silver Russoniello & Dunn is ready to assist you. We understand how difficult these matters can be, which is why we will fight for you and the assets you deserve. Contact us today to learn more.