While the process of divorce can be emotional and volatile, it raises a variety of complex legal questions about asset division and who gets to keep what after the marriage is terminated. A common concern during divorce is whether or not a spouse is able to keep the gifts they received during the marriage. The answer is not straightforward and will vary depending on the nature of the gift, how it was used or treated, and more. Understanding the nuances of the subject is crucial in ensuring that your rights are protected throughout the divorce process. Work with a Bergen County property division lawyer for skillful insight and representation.
Are Gifts Marital Property in New Jersey?
New Jersey follows an equitable distribution process when it comes to dividing property between spouses in a divorce. Because NJ is an equitable distribution state, marital property is divided fairly and based on several financial and personal aspects of each party’s life. But what is considered marital property?
Marital property is any asset or property acquired during the marriage by either spouse, regardless of who purchased or accumulated it or whose name is on the title. Separate property includes any property acquired before the marriage by one spouse. However, under certain circumstances, gifts and inheritance given to one spouse during the marriage by a third party could be considered separately owned.
Do I Get to Keep Gifts Received During My Marriage in a Divorce?
Whether or not you are able to keep the gifts you received during the marriage depends on whether they are considered jointly or separately owned. A court will evaluate the details of each asset and property before determining whether an item is subject to equitable distribution or if one spouse will maintain ownership.
If you were given a gift by a third party, like a friend or relative, it could be exempt from property division. There needs to be clear evidence that the property was intended for you alone not to be shared by you and your spouse. This could include a family heirloom passed down to you, an inheritance with only your name on it, property transfer documentation that lists only you, receipts, cards, and more.
If you want to keep full ownership of a gift you must also ensure that it was not treated like a joint asset during the marriage. If an item or property commingled with marital property in any way or if your spouse contributed financially or otherwise to the improvement or maintenance of the item a court could determine that they have a claim over it as well.
It is important to note that in New Jersey, gifts between spouses are always considered marital property regardless of how they were purchased or acquired. For more information on the legal complexities of property division in NJ, reach out to a skillful attorney at Feitlin, Youngman, Karas & Gerson, LLC today.
