After your New Jersey wedding, the property that you acquire with your spouse is marital property. Separate property is the property that you acquire prior to the marriage. When you are preparing for a divorce, your separate property remains with you. The same does not go for the marital property.
Marital property does not usually come up unless you are in the middle of a divorce. During a divorce, you or the court will try to determine who deserves the property that you shared with your spouse. FindLaw explains that unlike separate property, marital property belongs to you and your spouse. In an equitable distribution state, the property does not split 50/50.
It is important to note that marital property excludes gifts and inheritances. If one spouse receives an inheritance or a gift from a friend or family member, then he or she does not have to share it. This does not apply to gifts exchanged between you and your spouse.
Stay-at-home parents often worry about what assets they will receive after a divorce. If you stay home with the children in a high-asset home, what happens to you after the divorce? New Jersey is an equitable distribution state. The state will take into account the roles that each spouse played in the household. The courts pay attention to the length of the marriage, the health of the spouses, incomes, earning capacity, contribution and much more. The split should be fair.
None of the above information on marital property should be used as legal advice. It is only for educational purposes.