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?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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 11 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

[email protected]

www.micklinlawgroup.com 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption