05 Jul What’s considered separate property in a divorce?
When facing a divorce, there are two general types of properties: separate and communal. Bloom Law Office specializes in helping those going through a divorce, and this includes ensuring that your separate property remains your property. “Property” can also refer to assets. Every state has different definitions of what makes up the communal and separate property. Although there are some exceptions, in New Jersey separate property usually includes anything acquired before marriage, as an inheritance, and as a gift.
It sounds pretty simple, but discerning what’s separate and what’s communal can quickly become complicated. This is especially true if you’ve been married for a long time or if there are high-value assets involved. If you mix in a business with marriage or other complex situations, figuring out what’s communal and what’s separate can be seemingly impossible. That’s why you need a divorce attorney to ensure a fair outcome.
Separate Property in Divorce: What’s Mine is … Mine?
Separate property can include heirlooms, funds, investments, properties, and “other possessions.” If you acquired a high-value asset during your marriage but used your “own personal funds” to do so, it may be considered a separate asset. However, if those assets were purchased jointly with your spouse (i.e. a car or retirement account) a judge will usually determine that it’s communal property. See how quickly things can get complicated?
“Property” isn’t just assets. They can also be debts. Common separate debts are student loans or credit card debt (assuming only one person was on the account). This is another reason you want to be certain that separate property is kept separate. Nobody wants to get stuck paying off a loan for their ex.
To further complicate matters, it can be difficult to determine the real value of a property. It can also be tough to prove when, where, and how an asset was acquired. That’s where a legal team specializing in divorce can make all the difference. Proving values and that certain assets are yours and only yours is critical in protecting yourself during a divorce. Connect with Bloom Law Office today and get on the fast track to securing your separate assets.