When a couple divorces, do monies in a bank account opened by 1 spouse before marriage belong to that spouse, even though both parties contributed to it after they married?

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When a couple divorces, do monies in a bank account opened by 1 spouse before marriage belong to that spouse, even though both parties contributed to it after they married?

Asked on November 9, 2012 under Family Law, New Jersey

Answers:

Brad Micklin / The Micklin Law Group

Answered 8 years ago | Contributor

Possbily.  Most assets acquired during a divorce, regardless of in whose name, is divided under equitable distribution.  Equitable distribution is the principle that divides assets and debts. This does not mean equal distribution but, instead, is determined by the court after considering a number of factors. Some of these factors include, but are not limited to, the length of the marriage, the contributions of both parties to the acquisition of assets and debts, the ability of the parents to earn once divorced, childcare responsibilities of either parent come, any other assets available to contribute to support, and any other factor that the court considers relevant.

Despite these issues, the equitable distribution of assets and debts in a divorce case are commonly equal because there rarely reasons to deviate.  Some common reasons to deviate are unequal contribution to the acquisition of assets and debts, a grossly disproportionate ability to earn support once divorced and other reasons deemed equitable by the court. 

If you want to speak with an experienced attorney who is familiar with these areas of law, call us at 973-562-0100.  Our firm is concentrated in family law and estate planning case.

 

Good luck.

Brad M. Micklin, Esq.

The Micklin Law Group

187 Washington Ave., Suite 2F

Nutley, NJ 07110

973-562-0100

Brad@Micklinlawgroup.com

www.micklinlawgroup.com 


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