In New Jersey, inheritance is typically considered a separate asset that is not subject to equitable distribution in a divorce. This means that when it comes to dividing assets in a divorce, any inheritance either spouse receives before or during the marriage will not be taken into consideration.
However, this does not mean that inheritance is completely off the table in a divorce. For example, if one spouse uses inheritance money to purchase a marital asset (such as a home or car), that asset may be subject to equitable distribution. Also, if one spouse uses their inheritance to pay off marital debt, this could also be considered in the division of assets.
Ultimately, it depends on the specific facts of each case, so it is important for divorcing spouses to discuss this issue with their attorneys.
How do I protect my inheritance in my marriage?
The best way to protect your inheritance from divorce in New Jersey is to keep it separate from marital assets. This means that if you receive an inheritance before or during the marriage, you should keep it in a separate, titled account that is not shared with your spouse. You should also avoid using the inheritance money to purchase any marital assets, such as a home or car.
It is also important to be aware that if one spouse uses their inheritance money to pay off marital debt, this could be taken into consideration during the division of assets. Therefore, it is best to keep your inheritance separate and not use it to pay off marital debt.
Finally, if you are concerned about protecting your inheritance, it is important to discuss this issue with your attorney. They can provide more specific advice about how best to protect your assets in the event of a divorce.
Using a Prenuptial Agreement to Protect Inheritances and Other Separate Property
Another way to protect your inheritance from divorce in New Jersey is to create a prenuptial agreement. This is a legal contract that sets out how assets and debts will be divided in the event of a divorce. A prenuptial agreement can specifically state that any inheritances received before or during the marriage will be considered separate property and will not be subject to equitable distribution.
It is important to note that prenuptial agreements must be properly drafted and must be signed by both parties in order to be legally binding. Therefore, it is important to consult with an experienced attorney if you are considering creating a prenuptial agreement.
Talk to a Lawyer about your NJ property division questions
If you have questions about inheritance and divorce in New Jersey, it is important to speak to an attorney. An attorney can provide advice specific to your situation and can help ensure that your rights are protected during the divorce process.