If you are navigating a divorce in New Jersey, you have a significant interest at risk. Many spouses wonder whether gifts they received while married are subject to division during divorce proceedings. If this applies to your situation, please keep reading as we examine when gifts are subject to equitable distribution and how our seasoned Monmouth County Divorce & Separation Attorneys can fight for your rightful portion of the marital estate.
Can I Keep the Gifts I Received During My Marriage?
To understand how gifts are divided in a New Jersey divorce, you must first distinguish between marital and separate property. Marital property is acquired during the union and is subject to equitable distribution (fair, not necessarily equal division). Separate property is owned before the marriage.
Generally, gifts given solely to one spouse by a third party (like a friend or family member) are considered separate property and are excluded from division, provided the recipient proves the exclusive intent. However, gifts acquired during the marriage, like wedding or anniversary presents, are usually considered marital property subject to equitable distribution, especially if intended for mutual enjoyment.
It should be noted that gifts exchanged between spouses (interspousal gifts), even if bought with separate funds, are considered marital property and subject to asset distribution. The court considers the value of these gifts when dividing assets.
Can I Prevent Gifts from Being Divided in a Divorce?
Regardless of whether a gift begins as separate property, certain actions taken during the marriage can cause it to lose that designation. Generally, this is one of the typical ways soouses forefit their property rights during a divorce. Common ways gifts convert to marital property:
- Placing gifted funds into a joint bank account
- Adding a spouse’s name to the property’s title or deed
- Utilizing marital funds for the maintenance or improvement of the gift
- Permitting a spouse to make regular monetary contributions toward the upkeep of the gift
To ensure a gifted item remains your exclusive property following a divorce in New Jersey, it is essential to follow specific measures to maintain its separation from shared marital assets. You must first secure formal documentation that demonstrates the donor’s intent was for the gift to be solely for you. For example, keeping a financial instrument like a check made out only in your name serves this purpose.
Furthermore, you must diligently avoid commingling the gift item with communal funds acquired during the marriage. Consulting with a knowledgeable Monmouth County divorce and separation attorney is strongly recommended, as they can provide the necessary guidance to navigate the intricate legalities involved in dividing assets during a dissolution of marriage.
If you are seeking further information on safeguarding your wealth and possessions during the dissolution of a marriage, please reach out to Paone Zaleski & Murphy. Our legal team is prepared to review the specifics of your case and provide detailed insight into how a dedicated family law practitioner can support you during these difficult times.
