Common Monmouth County Property Distribution Issues
Helping NJ Residents Navigate Property Division
As you are considering divorce and contemplating what that will mean to all the property and other assets that you own, it can be very unnerving and seem confusing.
But not to us. As property distribution attorneys in Monmouth County with over 60 years of combined experience, the Law Office of Steven P. Monaghan, LLC has seen many different situations like yours. We can help you!
Some Common Property Distribution Issues We Have Faced
To help ease your mind a little, here are some common property distribution issues that we have faced for our clients. They include:
- Effect of premarital contributions to the marital property. For example, if a spouse owned a house or condominium prior to the marriage, and then this property is sold and the funds are utilized toward the purchase of a marital residence, the marital residence is usually considered marital property. It does not necessarily mean that the property should be divided equally, and depending on the time that has elapsed from the contribution to the time of the divorce, the spouse who provided the premarital contribution may receive an unequal distribution in their favor.
Determining premarital contributions is quite difficult, something only experienced Monmouth County property distribution lawyers like us can do well. Contact us today to learn more about how we can help.
- Business or professional practice operated by one spouse. While the business concern may have a value that renders it an asset subject to equitable distribution, it is not necessarily an asset that is divided equally.
- Inheritances received by one spouse. Property inherited by one spouse generally is not an asset that is subject to equitable distribution by the court. Should the inheritance be co-mingled with marital property, it becomes subject to equitable distribution. For example, if an inheritance is received, and it is ultimately deposited in a joint account that holds some marital funds, the inheritance is no longer immune. The distribution is not necessarily equal. The division would depend upon many factors, including the time that has elapsed since the co-mingling, the extent of co-mingling and how the other marital assets are being divided.
These are only a handful of some of the common property division issues that come up.
Confused About Co-Mingling? What's Equal? What's Fair? Call Us.
With the many different factors involved in the court's deciding fair distribution, it is very confusing. Let us help clear up your confusion.
Call the experienced Monmouth County property distribution attorneys today at (732) 624-6343 and get your free consultation!