Legal Question in Family Law in New Jersey
Equitable Distribution
Married 2 years, wife has two children from previous marriage, didn't work before or during marriage or during her previous marriage..She doesn't stay home to raise my kids (WE have no children together, just hers from previous marrige) she was supported by her father prior to our marriage and she insists we still live with her father in HIS house, which we have for past two years...I pay him rent, household expenses.
Question: I had RealEstate owned in my name prior to marriage; sold property and bought another investment shortly after being married; Mistake I made was putting her name with mine on the deed to this second investment;
Since the purchase of realestate for speculation was somehting I engaged in prior to marriage and my wife doesn't contribute to any of these financial to our marriage or these transactions, Is this real estate marital property and even if it is, is it ''equitable'' for her to profit from my investments if we divorce?
3 Answers from Attorneys
Re: Equitable Distribution
You made a gift to your wife when you placed her name on the deed; she is entitled to a "fair" share.
Gary Moore
Hackensack, New Jersey
800 273 7933
Re: Equitable Distribution
For the purposes of divorce it does not matter whether you put your spouse name on the deed or not. The pertinent issue is whether property was purchased during marriage.If the answer is yes,it is marital property. It is irrelevant who made the money or who worked for the money. You may have been able to prevent her from any share in your invesment prior to marriage if the funds from the sale of your property were not comingled with any income after marriage. However, her name on the deed will prevent such denial of income. I beleive she is entitled to equitable distribution
Re: Equitable Distribution
The simple answer to your questions are YES. The fact that you purchased property during the marriage which you titled in joint names makes that property a marital assets for equitable distribution purposes. The pre-marital nature of it will be considered in determining your wife's interest in it upon your divorce. In other words, she may not get 50% of it if you can prove what your pre-marital investment into that particular property is. (ie. what you netted from the sale of the premarital property which you then invested in the new property which is marital). If you want to further discuss this issue, please feel free to contact my secretary, Debbie, at 856-795-6700 to schedule a consultation.
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