Property Settlements in New Jersey
The state of New Jersey does not recognize legal separation. So, if a couple wishes to live as a separated couple, 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 settlements in New Jersey.
Property Settlements in New Jersey | Property Than Can be Divided
The following types of property can be divided through a property settlement:
- 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, who has the kids for the holidays, and others. For all practical purposes, a property settlement can yield the same results of a divorce, without actually getting a divorce.
Property Settlements in New Jersey | Equitable Distribution of Assets
Unlike divorces of the past where a 50/50 split of assets was common, couples now have the option to divide their property equitably. This type of property division accounts for both marital and non-marital property, and 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.
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, Jersey City 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 will take on your case. The Appellate Court may “vacate,” or make legally void, the judge’s decision in your case. If you do not file an appeal within the 45 day window, the Martial Separation Agreement (MSA) spelling out 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 settlements in New Jersey, please contact our experienced Jersey City property settlement lawyer today to schedule a free consultation.