You may think that only large assets, such as your homes, bank accounts, family businesses, etc., will be divided in your divorce proceedings. However, if you own personal items that have significantly appreciated in value, then these may be fought for, as well. Follow along to learn how equitable distribution will be used to divide your expensive personal items and how one of the proficient Somerset County property distribution attorneys of Siragusa Law Firm can come to your defense.
What are considered expensive personal items in the state of New Jersey?
There are some personal items that are known to grow in high monetary value after their initial purchase, and they read as follows:
- Designer items, such as brand name clothing, accessories, etc.
- Jewelry, such as diamonds, Rolex watches, etc.
- Antiques, such as furniture, fine china, etc.
- Collectible items, such as wall art, comic books, coins, stamps, etc.
- Hobby accessories, such as golf equipment, musical instruments, etc.
- Sports memorabilia, such as signed photos, jerseys, equipment, etc.
How can equitable distribution law divide my expensive personal items?
Notably, the state of New Jersey follows the equitable distribution process, which is the method of dividing assets in a fair and just manner. Only marital property is considered in the equitable distribution process. That said, your expensive personal items are considered marital property if they were acquired by you and your spouse during the course of your marriage, and especially if you used your joint credit card to make the purchase.
Your expensive personal items are considered separate property, on the other hand, if they were acquired prior to your marriage, or even during your marriage in the following circumstances:
- The item was granted an inheritance.
- The item was gifted from a third party.
- The item was gifted from your spouse but was purchased with a separate source of funding.
How can I prove that my expensive personal items are separate property?
If you would like to protect your expensive personal items, you hold the responsibility of fulfilling the burden of proof. That is, you must provide the New Jersey court with enough evidence that shows that your expensive personal items are separate property. You can do so in the following ways:
- Receipts that note the date of the transaction and the credit card used to make the transaction.
- A tracing schedule that identifies transactions to purchase the items.
- Photos that date prior to your marriage and that show the items in your possession.
For assistance with satisfying this burden of proof, it is best that you retain the services of a talented Somerset County high net worth divorce attorney as soon as possible.
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