With having to discuss how to divide large assets such as your home, bank accounts, family businesses, etc. in your divorce settlement agreement, you may think that there is no time to consider your small personal items. However, your personal items may be assets of interest if they have since grown in monetary value. Continue reading to learn whether your expensive personal items will be divided in your divorce and how one of the experienced New Jersey equitable distribution attorneys of Haber Silver Simpson & Russoniello can help to protect the assets that you worked hard to own.
What are examples of expensive personal items?
Sometimes, items significantly appreciate from their initial purchase price. Examples of expensive personal items that do just that read as follows:
- Designer items, like brand name clothing, accessories, etc.
- Jewelry, like diamonds, Rolex watches, etc.
- Antiques, like furniture, fine china, etc.
- Collectible items, like art, comic books, coins, stamps, etc.
- Hobby accessories, like golf gear, musical instruments, etc.
- Sports memorabilia, like autographed photos, jerseys, gear, etc.
Will equitable distribution law divide my expensive personal items?
New Jersey is an equitable distribution state. This means that during a litigated divorce, a New Jersey judge will divide your marital property in a fair and just manner. Marital property refers to assets that were acquired by you and your spouse during your marriage. So, if you bought an expensive personal item while married and used your joint credit card to make the purchase, this is considered marital property that may be divided in your divorce.
Contrastingly, your expensive personal items are considered separate property if they were acquired before your marriage, granted as an inheritance, granted as a gift from a third party, or granted as a gift from your spouse but purchased with a separate source of funding.
Can I prove that my expensive personal items are separate property?
If you believe that your expensive personal items are separate property, then you carry the responsibility of fulfilling the burden of proof. This means that you must supply pieces of evidence to support your claim, such as any of the following:
- A receipt that states the date of the transaction and the credit card used to make the transaction.
- A tracing schedule that identifies withdrawals, transfers, etc., to purchase the items.
- A photo that dates back to before your marriage and that shows the items in your possession.
If you require any additional assistance, please do not hesitate in reaching out to one of our skilled attorneys at our Morris County divorce & separation law firm today.
Contact our experienced New Jersey firm
If you require strong legal representation for divorce or family law matters, contact Haber Silver Simpson & Russoniello today to schedule a consultation.