Dear Cassie: What is “community property,” and does it apply in New Jersey? -K.F.
Dear K.F.:
Community property is the legal system used in several states for dividing assets in a divorce. In states having community property laws, each spouse is presumed to hold a one-half interest in most property acquired during the marriage.
New Jersey is not a community property state, it is an equitable distribution state. Under the equitable distribution system, there is supposed to be an “equitable” or “fair” (but not necessarily equal) division of the assets acquired during the marriage. Equitable distribution is by definition a fact-specific analysis. New Jersey’s equitable distribution statute sets forth 16 factors the court must examine in assessing equitable distribution. Some of the more notable factors include the duration of the marriage, the ages of the parties, “the contribution of each party to the acquisition, dissipation, preservation, depreciation or appreciation in the amount or value of the marital property,” and the income and earnings capacity of each party.
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Cassie Murphy is a divorce and family law Partner with the Law Offices of Paone, Zaleski & Murphy, with offices in Red Bank and Woodbridge.
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