The state of New Jersey does not recognize legal separation. So, if a couple wishes to live apart, what options do they have? A property settlement is a straightforward way for couples to divide their assets and legally document decisions made about parenting. Here is some important information regarding property settlement in New Jersey.
Property Settlement | Property Than Can be Divided
- Bank Accounts
- Real Estate
- Other property
A property settlement can address such legal issues as child support, a child’s education, alimony, medical expenses, tax deductions, visitation arrangements, and more. For all practical purposes, a property settlement can yield the same results of a divorce without legally ending the marriage.
Property Settlement | Equitable Distribution of Assets
Whereas a 50/50 split of assets was common in a divorce, couples now have the option to divide their property equitably. This type of property division accounts for both marital and non-marital property, along with property each spouse owns individually.
- Marital property (or community property) is any property acquired during the marriage, starting on the day of the wedding.
- Non-marital property is property acquired by each spouse before the date of marriage. Non-marital property can also include assets acquired during the marriage by gift or inheritance.
At Freeman Law Center, LLC, we offer a variety of divorce services and are ready to assist clients with the most difficult of property division issues. With over 30 years of experience, New Jersey property settlement lawyer Brian Freeman provides solid and experienced counsel to clients throughout the Jersey City area.
Property Settlements in New Jersey | Appealing a Verdict
In New Jersey, you have 45 days to appeal the verdict of a case. If you appeal, the Appellate Court takes on your case. The Appellate Court may “vacate,” or make legally void, the previous judge’s decision. If you do not file an appeal within the 45-day window, the Marital Separation Agreement (MSA) defining the terms of your divorce will be final and cannot be overturned. You can revise an MSA and negotiate new terms, but that requires the cooperation of your former spouse.
If you are interested in receiving more information about property settlement in New Jersey, please contact our experienced Jersey City property settlement lawyer today to schedule a free consultation.