CSG Law Alert: Nothing is Titled in My Name: Does That Mean I Won’t Get Anything in My Divorce?
A common concern in New Jersey divorces is the distribution of assets. Many people have the misperception that if something like a house or bank account is only in one spouse’s name, the other party will walk away with nothing. This should not deter a person from moving forward with a divorce.
In New Jersey, while the title to an asset—meaning whose name is on a deed or an account—can matter, it is not the deciding factor in allocating assets or counting credits. New Jersey matrimonial law focuses on principles of fairness when dividing property, regardless of whose name is on a deed or account.
Generally, assets acquired by spouses (whether individually or jointly) during a marriage are subject to division between them, though not necessarily equally. This process is called equitable distribution, which means that marital assets are divided fairly, though not necessarily equally. When deciding equitable distribution, New Jersey courts look to a variety of factors beyond title, including but not limited to the duration of the parties’ marriage, the source of contribution to the asset (whether that be financially or non-financially), earning potential and financial need.
There are also reasons to exclude assets from equitable distribution. By way of example, assets acquired before marriage, or as a gift or inheritance may be separate property.
While a title may carry some importance, it is only one piece of the larger picture. The unique and specific circumstances of your case should be carefully considered when dividing assets during a divorce. Recognizing and understanding these factors early in the process can help you work toward the best possible outcome.
For more on this topic, consult with your family law attorney.