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Talking property distribution need not wait until divorce

Marriage is the beginning of an exciting adventure undertaken by two people in New Jersey with the usual intention of remaining together for life. Although the divorce rate is believed to be declining, the possibility does exist. While no one wants to begin a marriage worrying that a divorce may result, there are steps that can be taken to protect oneself in the event of property distribution that may happen down the road. These steps can also promote openness and honesty regarding property and finances. Financial disagreements can cause issues that may lead to a divorce.

Dealing with inherited property in a divorce

Your spouse is not entitled to receive any property that you acquire during the marriage by way of gift or inheritance. N.J.S.A. 2A:34-23. Premarital property which was owned at the time of the marriage also remains separate and cannot be claimed by your spouse. Painter v. Painter, 65 N.J. 196, 214 (1974). In order for your spouse not to receive these assets, they must not be commingled with other "marital" assets during the marriage. will picture.jpg

Inherited IRAs may be a possible option for property division

As the time for certain aspects of the new tax law to go into effect approaches, new financial arrangements for divorce are being considered in New Jersey. Since the federal tax law regarding alimony is changing, people navigating divorce proceedings are in search of alternative property division options. One such arrangement involves IRAs. A question was recently posed as to whether it is possible to split an inherited IRA.

Including future assets in property division

Divorce is a complicated undertaking, particularly where division of property and assets are concerned. What a couple holds jointly at the time of a divorce in New Jersey may be relatively easy to ascertain. However, what about future assets such as pensions that are not yet being collected? Future assets also need to be considered as a part of property division.

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