When New Jersey residents are involved in a high-asset divorce, one question may override all others: who gets what? But, to solve that problem, exact legal terms will come into play, none more important than the term “marital property.” So, how do you define “marital property” in a high-asset divorce?
Unfortunately, the property that falls under the umbrella of “marital property” can differ quite a bit in any given case. However, “marital property” typically includes all of the property – and debts – that a couple accumulates during the course of the marriage. In other words, if the property was accrued after the marriage date, it is highly likely that such property will be counted among the martial property to be divided.
However, there are always exceptions to every rule. For example, if the wife receives an inheritance that was designated specifically for her, not for both her and her husband, then such inheritance may not be counted among the marital property to be divided. Or, if, for example, the husband receives property as a gift that is intended specifically for him, not his wife, that property may not be included in the marital property.
The problem that arises in high-asset divorces is that the couple may not agree on which property should be considered marital property and which property is separate. With a high amount of value on the line, couples in these types of cases may benefit from getting more information about the potential legal options in their own unique cases, which will have their own unique facts.