Dividing Property in a New Jersey Divorce
Marriage is viewed as a partnership, almost like a family business. It does not matter that one spouse worked during the marriage and the other stayed at home. In New Jersey, the law's concept is that by staying home, the non-working spouse made it possible for the working spouse to earn a living. Therefore, any property that was acquired during the marriage is subject to equitable distribution.
There are exceptions to this rule, such as property acquired during the marriage by either party by way of a gift from a third party or inherited property. Under such circumstances, the excluded property is not subject to equitable distribution.
Equitable Distribution Is Not Always Equal
Equitable distribution of marital property does not always mean an equal division. There may be reasons why one spouse would receive more or less than an equal share of an asset. For example, one spouse may get 60% of the marital home and, in return, waive her or his right to alimony. Or, one spouse may have severe health problems. These, and similar types of problems, can result in an unequal distribution.
Property Typically Subject to Equitable Distribution
- Businesses
- The marital home or other real estate
- Investments
- Retirement funds
- Automobiles
- Boats
- Gifts from one spouse to the other
- Personal property
Watches & Luxury Personal Property
Personal property reaches far beyond furniture and appliances. A luxury watch collection, fine jewelry or art acquired during the marriage is subject to equitable distribution like any other asset — and in higher-value estates, a single watch can be worth as much as, or more than, the automobile in the garage.
The first question in any watch dispute is authenticity, because the modern replica market has made counterfeiting sophisticated. A watch that appears to be a Patek Philippe may turn out to be a Patek Philippe replica of remarkable quality, and the difference between the two is the difference between a five-figure asset and a much smaller one. That is why we generally ask clients to bring receipts, serial numbers and service records, and to consider a professional appraisal before the collection enters formal negotiation. For a more detailed look at this topic, see our resource on valuing and dividing a luxury watch collection.